Commonwealth Credit Union
| Company type | State-chartered credit union |
|---|---|
| Industry | Financial services |
| Founded | April 2, 1951 in Frankfort, Kentucky, United States |
| Headquarters | Frankfort , United States |
Area served | Kentucky |
| Products | Financial services |
| Website | www |
Commonwealth Credit Union operates as a state-chartered credit union with its main office located in Frankfort, Kentucky. It is overseen by the National Credit Union Administration (NCUA) and stands as the largest credit union in Kentucky, managing $2.57 billion in assets, serving 130,000 members, and maintaining 17 branch locations as of March 2025.
Membership eligibility extends to residents of Kentucky, immediate relatives of existing members, employees or affiliates of designated employers and associations, as well as members of partner associations connected to the credit union. Deposits are protected up to $250,000 by the National Credit Union Share Insurance Fund, which functions similarly to the FDIC for credit unions.
History
Established on April 2, 1951, Commonwealth Credit Union began with $2,700 in assets and a membership base of 122 individuals. By 1976, it had grown to nearly 6,000 members and held assets totaling $2.8 million. The credit union expanded its reach through the acquisition of Kentucky Teachers and Associated Employees Credit Union in 1983.
The organization actively promotes community involvement through yearly charitable initiatives such as a fundraising run supporting Kentucky-based nonprofits and the "Stuff the Bus" program aimed at providing supplies to area schools.
Key strategic alliances include being named the preferred credit union for the University of Louisville in 2015 and securing the role as the official credit union of Rupp Arena in 2017. In May 2025, Commonwealth Credit Union merged with Eastern Kentucky Federal Credit Union to broaden its service capabilities and strengthen its community presence in Eastern Kentucky.