Louise McCarren Herring and Annemarie Shinn, supporting Tri-State’s Underbanked Population

To celebrate Women’s History Month, we’re highlighting “The Mother of Credit Unions,” Louise McCarren Herring. Louise had a vision to create a not-for-profit financial cooperative and
joined the credit union movement in 1933. She organized over 500 credit unions in Ohio and became the founder and first managing director of the Ohio Credit Union League, among many other accomplishments. Her brilliant and caring early pioneer of credit unions paved the way for credit unions across the nation.

Closer to home, CEO Annemarie Shinn has been leading 1166 Federal Credit Union for 22 years. She’s a veteran and a Board member of the CrossState Credit Union Association. With her service specialties in federal compliance, accounting, and finance, Shinn led the efforts last year to change the credit union’s charter to bring financial services to more communities in Southern New Jersey, Southeastern Pennsylvania and Northern Delaware. Residents in these areas who traditionally have had little or no access to banking can gain the benefits of credit union membership, including signing-up for fee-free or reduced-fee checking and savings accounts, applying for low interest loans and credit cards, and performing digital and in-person financial transactions at more than 5,000 shared branches.

With members of unbanked households often citing a distrust of banks as a primary reason for not having a bank account, Annemarie Shinn and her dedicated staff at 1166 Federal Credit Union focus on financial education so these individuals know alternatives to costly products such as check cashing services and payday loans that perpetuate a cycle of debt. According to the FDIC, roughly 23% of low income/underbanked individuals in the target area live below the poverty line. Black residents comprise 43.71% of the area’s underbanked population. Spanish speakers comprise 11.97%. The credit union’s vision is to empower financial success by eliminating the fear of banks. With a focus on personal service, it provides products and resources otherwise unavailable to low income residents that match its members’ needs and advance financial literacy.

About 1166 Federal Credit Union

1166 Federal Credit Union, established in 1937, is based in Swedesboro, NJ. We are committed to providing robust financial services, great loan rates, and broad-based financial education to our more than 1,200 current members. Our products include mortgages, student loans, credit and debit cards, checking and savings accounts, ACH access, financial literacy education, and more. The credit union’s unique name references our charter number, but it also adds up to the exceptional service and savings we offer our members. Our philosophy is real people helping real people manage their financial needs. To find out why our credit union membership makes sense for you, visit: https://www.1166fcu.org/membership/.