This financial cooperative serves a specific group of individuals connected to the postal service in the Peoria, Illinois area. It provides members with a range of financial services, including savings accounts, checking accounts, loans, and potentially other offerings like mortgages and investment services. Membership is typically restricted to employees, retirees, and their families associated with the postal system in the designated region.
Such institutions offer potential advantages over traditional banks, including potentially lower interest rates on loans, higher dividend rates on savings, and a more personalized service approach due to the shared occupational bond of the membership. Historically, these cooperatives were established to provide accessible and affordable financial services to specific communities, fostering a sense of shared ownership and mutual benefit.
