In 1930, Kingsport Press Credit Union was chartered as the first industrial Credit Union in the State of Tennessee.
The Kingsport Press Credit Union is not a bank. It is neither a labor union nor a finance company. The Credit Union is a cooperative, member-owned, non-profit organization of people encouraging thrift through convenient, systematic savings and providing a source of credit for members at reasonable rates of interest.
The Kingsport Press Credit Union operates essentially the same as a bank, except it does not have stockholders who demand huge profits. As a member, one takes part in the democratic election of fellow Credit Union members who serve on the Board of Directors. Acting on your behalf, the Board exercises general control of the Credit Union's activities, establishing policies and ensuring the Credit Union is operating on behalf of the economic interests of its members/owners. Credit Union officers, directors, and committees serve voluntarily without pay.
The Tennessee Department of Financial Institutions through strict regulations and extensive audits assures the Credit Union's safety.