Smart Financial Credit Union is a financial cooperative, owned and operated by its members. This is what distinguishes credit unions from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is lent to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.
Smart Financial is governed by a Board of Directors that establishes and reviews policy. The Directors are Credit Union members who are elected by the membership and serve without pay. Every member has one vote, regardless of how much they have on deposit. At the Credit Union, there is no select group of shareholders that profits more than anyone else. All Members profit – individually and collectively.
Smart Financial is a state-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the Texas Credit Union Department, and the National Credit Union Administration – an agency of the U.S. Government. The NCUA insures member accounts for at least $250,000.