IMECO Federal Credit Union was organized in August l949 by 7 employees of Indiana & Michigan Electric Company ( now known as American Electric Power). The credit union is a cooperative association organized in accordance with the Federal Credit Union Act and for the purpose of promoting thrift among it’s members and creating a source of credit for provident or productive purposes. As a cooperative, it is an organization owned and operated by its members, for the benefit of the members. Credit unions are non-profit cooperatives, whereby any excess earnings must be returned to the members in the form of dividends on shares, refund of interest on loans or expanded services.