Hastings Federal Credit Union was chartered April 9, 1946 as the Naval Ammunition Depot Hastings Federal Credit Union. The idea came from the Personnel Department. Many of the officers came from the east coast and were familiar with credit unions. At the time, maximum deposits could not exceed $500.00. A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.