On October 14, 1940, 12 Joy Manufacturing Company employees deposited $5 each and chartered Joy Federal Credit Union for the “employees of Joy Manufacturing Company in Franklin, Pennsylvania; members of their immediate families; and organizations of such persons.” Galaxy Federal Credit Union‘s current logo includes 12 stars to show respect and thanks for those twelve individuals that had the vision in 1940!
In 1981, the credit union began adding other local companies and the name was changed in 1993 to Galaxy Federal Credit Union to reflect the broad base of eligible companies and employees. In 1995 the credit union moved to their current location of 1313 Liberty Street in Franklin. In 2002, the charter was amended to change to a community credit union. This means that anyone that works, lives, worships, studies, or volunteers in Venango County AND all of their immediate family members are eligible for the services offered at Galaxy. Galaxy offers a full range of financial services from online banking to loans for most purposes.
With almost 5,000 members (including more than 400 youth members), Galaxy prides itself on its mission that it “will provide the best financial services and products at competitive rates in a safe, professional, and friendly atmosphere to benefit our members in their current and future financial needs.”
As of September 2020, Galaxy reported assets of over $53 million, and $25.4 million in outstanding loans. All deposits are insured up to $250,000 by the National Credit Union Administration, a U.S. Government Agency. Over the last 80 years, Galaxy has granted almost 60,000 loans for more than $256 million – all because of our “People Helping People” philosophy! In the last 12 years, Galaxy has paid out more than $40,000 to our youth members for their good grades –as we pay $1.00 for every “A” and $0.50 for every “B”.
Galaxy recently earned its 96th consecutive quarter 5-star rating from the nation’s leading independent credit union rating and research firm Bauer Financial, Inc. This rating is based on the financial condition of the credit union, which is rated every quarter. Because Galaxy has earned this rating since June 1996, it also earned the prestige of being recognized as an “Exceptional Performance Credit Union”.
Galaxy sponsors many projects and helps support many events in the area with donations of time and money. We are proud to give back to the community that keeps us strong!
Galaxy depends on our 12 member volunteers who serve the credit union in various ways, including seven who serve on the board of directors to maintain the credit union’s stability. These volunteers are: Dennis Hoover, Chair of the Board; Chris Baxter, Vice-Chair; Rod Bullman, Secretary/Treasurer; Dale Reed, Richard O’Polka, Cinda Richards, Don Owen, directors; Lori Marvin, Chester Reck, Dennis Pascarella, Jim Caffrey, and John Cornelius, committee members. Galaxy’s team of employees are proud to be employed at an organization that really cares about their members, employees, and the community!
Galaxy is proud of serving the community for 80 years and looks forward to many more successful years!