Gas & Electric Credit Union was formed in 1935 to serve the employees of the Peoples Power Company. We exclusively serve employees, retirees, and family members of: MidAmerican Energy The City of Rock Island BITCO Insurance Illinois Casualty Company Rock Island Corps of Engineers Thomas Hammar, CPA, Stecker Graphics Friendship Manor JTM Concepts CBMS We are a not-for-profit, member-owned financial cooperative. Because credit unions are a cooperative — they are owned by their members and instead of paying profits to shareholders — we pay you the profits in the form of higher savings rates, lower loan rates, and lower, if any fees. Much like any other financial institution, credit union accounts are insured. GECU accounts are insured to at least $250,000 by the federal government through the NCUA.