A credit union with a six-decade local history has succeeded in expanding its range of service while retaining a small-town approach.
National Supply Company of Gainesville Federal Credit Union, known best as NASCOGA, was chartered in May 1956. Its foundation was a group of 10 National Supply employees who became co-owners by purchasing a share at five dollars each, thus gaining an equal hold in the institution.
Today, NASCOGA works much the same way, with new members becoming shareholders by opening accounts.
In this regard, a credit union may offer more advantages than a bank — and NASCOGA is a prime example of the successful credit union. It became a community charter in 1998, and currently operates as a $81 million financial agency that provides Cooke and Grayson county residents with low-cost loans and competitive gains on their saving and checking accounts.
NASCOGA now has three branches, including offices in Whitesboro and Lake Kiowa, but the agency’s roots remain in Gainesville.
And the main branch at 1312 Lawrence St. is still where many of its loan decisions are made.
“We don’t outsource anything and we don’t have a home office anywhere else,” said Amanda Riley of NASCOGA. “Our loan officers make the decisions in-house, and all of our board members are Cooke County residents.”
Riley added that the board members are unpaid volunteers, which changes the terms of how they approach the task of serving members.
“They have the interest of the credit union at heart,” she said. “All of our members are owners of the credit union, and that’s why the credit union can offer better interest rates on loans and better interest rates on deposits.”
NASCOGA offers savings and checking accounts and credit and debit cards for incoming members, plus programs that allow the establishment or repair of credit for members of any age. Auto loans are available at rates as low as 1.99 percent, personal loans can be had with rates of 7.9 percent and fixed-rate credit cards come with rates down to 9.9 percent. NASCOGA members include children, students and adults looking to buy used or new cars, or seek home financing.
“We can pretty much tailor to anybody’s needs,” Riley said.
In addition to expanding its public service, NASCOGA has also successfully become involved with expanding the credit union. Riley said her agency entered an agreement with WAGE Federal Credit Union in October to direct their company credit union and broaden its range of options.
Through this additional NASCOGA branch, Zodiac employees who use the credit union get increased options in the areas of accounts, credit cards and certificates of deposit.
“That’s brought a lot more membership into the credit union,” Riley said. “It’s been a good switch-over, as far as moving smoothly and as far as what we can offer them. It’s been a good transition.”
For more information about NASCOGA, call (940) 665-1797 or visit www.nascogafcu.com.