One of the oldest financial institutions in Tampa Bay is now one of the newest in Ruskin with the recent opening of the Railroad and Industrial Federal Credit Union.

“We were founded in 1935 by 14 guys working for the railroads,” said Burt Bravo, account executive. “They pooled $70 in assets and created the credit union during the Great Depression. Today we have more than $270 million in assets serving nearly 25,000 members.”

Credit unions differ from traditional banks in that they nonprofit organizations owned and managed by members. The concept began in Germany in the 1860s but did not get a foothold in the United States until the 1920s. Today, more than 6,800 credit unions are serving nearly 94 million members in America.

“Railroad and Industrial Federal Credit Union offers just about everything a traditional bank does – home loans, car loans, savings accounts and other investments to help our members better manage their money,” Bravo said. “Our loan programs are very competitive and we are a very safe place to have checking or savings accounts.” Read more.