A credit union is a not-for-profit, membership-owned financial institution. Known for its strong consumer-orientation, a credit union is organized to serve a community, a company or a municipality. The State-chartered SCU, incorporated in 1938, is a community credit union with both Federal and private deposit insurance. You may become a member at any time. We operate under the supervision of the Massachusetts Banking Commissioner. Participating institutions in the credit union movement, as it is often termed, pay competitive rates of interest on savings and loan products.