HUNTSVILLE, Ala.– Redstone Federal Credit Union has entered into a new partnership aimed at expanding its services in rural areas.
Redstone FCU said it has joined with Rural King, America’s Farm and Home Store, on a collaboration that allows Rural King customers to become Redstone members when they apply for low-rate equipment loans and credit cards through Redstone. Rural King is America’s fastest growing privately-owned farm and home store, the credit union said.
“Redstone’s decision to offer products and services to Rural King customers is another way to serve our rural neighbors who may find it difficult to obtain lower cost financial services,’’ said Redstone President and CEO Joe Newberry.
According to RFCU, Rural King customers who obtain a complimentary membership to AUSA Redstone Huntsville Chapter become eligible for Redstone membership, regardless of where they live. Aside from the benefits new members receive from Redstone, AUSA membership offers its own set of hearty benefits, according to the CU.
Shared Branching
The collaboration includes shared branching, which was introduced as part of this effort. The credit union said the effort will benefit new Redstone members who joined through the Rural King relationships and for all others who relocated to cities without a Redstone branch.
Redstone said it is able to offer not just lower loan rates, higher savings rates, and lower fees, but also excellent member service. It said it also gives back to its communities, such as offering free financial literacy classes.
Rural King, founded in Mattoon, Ill. in 1960, has more than 100 stores in 13 states.
“The farm and home store is an excellent fit for Redstone, which counts one-third of its current membership as rural dwellers of modest means,” the credit union said.
Added Alex Melvin, CEO of the retailer, “Rural King’s customers are like family, and we chose Redstone Federal Credit Union as our financial partner because it is committed to helping families and communities achieve their financial dreams.”
The $5.1-billion Redstone FCU has more than 453,000 members.