The Credit Union Difference

History & Our Board

The credit union is a financial institution that has challenged banks for centuries. Created as a place where people could pool their money together to save and borrow from each other, credit unions have always built their strength from their membership.

The difference between your credit union and local bank goes beyond the discounted loan rates and savings products provided. The organization is unique because of its not-for-profit/tax exemption status, which provides its members with a significant benefit of lower interest rates and higher dividend rates.

 

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Our Board

Additionally, unlike banks, which are owned and operated by stockholders who are focused on generating profit, PrimeWay Federal Credit Union is owned by you, the member. Your membership gives you ownership as to how the credit union is run. YOU get paid the dividends, not a separate set of stockholders who may not even transact business with PrimeWay . And YOU reap the rewards of lower interest rate loans and higher dividends on deposit accounts. Our Board is made up of members, such as yourself, and the Board is elected by the membership to serve in this volunteer position.

Our History

PrimeWay was organized in April 1937 as Houston Telephone Federal Credit Union to serve the employees of Southwestern Bell in the Houston area. In April 2003, the name was officially changed to PrimeWay Federal Credit Union. The name change was prompted by credit union growth and diversification of membership.

Throughout the 80’s and 90’s mergers played a pivotal role in expanding our select employer groups and helping the credit union reach out to even more families. On January 1, 1986, Food Industry and Binco Credit Unions merged with Communicators, as we were then known. In January 1988, the credit union merged Unitex Federal Credit Union. This merger gave us access to 75 percent of the medical center for membership. In August 1989, Galveston News Employees Credit Union joined the credit union. In 1990, Ridgway’s Federal Credit Union merged with us. In 1994 The Methodist Hospital (TMH) Credit Union merger transpired, providing us with an office that still exists to serve our members today.

In December 2003, PrimeWay embarked on another merger, and welcomed Washington County Community Development Federal Credit Union members into our family. This opened membership to everyone in Washington County and provided the credit union an office in Brenham Texas.  In January of 2004, the National Credit Union Administration (NCUA)  granted PrimeWay a community charter allowing us to serve not only our select employer groups, but enabling us to provide a better financial alternative to everyone who lives, works, worships, or attends school in the City of Houston.


To learn more about credit unions or for more information click on any of the following links.

NCUA (National Credit Union Administration)
CUNA (Credit Union National Association)
TCUL (Texas Credit Union League)
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