A monetary establishment serving the larger St. Louis metropolitan space supplies banking companies to its members. It operates below a cooperative construction, which means it’s owned by its members, who’re additionally its clients. This construction distinguishes it from for-profit banks, as its main purpose is to serve its members’ monetary wants slightly than maximize earnings for shareholders.
The cooperative mannequin typically leads to advantages comparable to decrease charges, higher rates of interest on financial savings accounts and loans, and a give attention to group improvement. These establishments have a historical past rooted in offering monetary entry to underserved populations and fostering native financial progress. Their existence presents an alternative choice to conventional banking, selling monetary inclusion and localized monetary help.