Nymeo started in 1933 in Montgomery County when a small group of Bureau of Standards employees pooled funds together to form a credit union to help each other and other employees – they called it the Standards Credit Union and started with just $47.50!
The credit union went through several name changes as they continued to grow. Later, after becoming community chartered in both Montgomery and Frederick Counties, the name changed from Monocacy Federal Credit Union to COMSTAR and, eventually, to today’s Nymeo Federal Credit Union. (Did you know that Nymeo is an anagram for money?)
Although they have changed their name, still to this day, Nymeo works with the exact same philosophy that launched their credit union in 1933: a group of people helping each other by forming a cooperative to make loans and start a savings account.
Photo Courtesy Nymeo FCU
Meet Nymeo
What do you like most about being a business owner in Frederick?
The Frederick community spirit! Frederick is a true community where residents, organizations and businesses collaborate and help those in need as well as celebrate special times together. Frederick is like a big family. As a local financial institution, we are proud to have been involved in so many opportunities that reinforce this community spirit.
Photo Courtesy Nymeo FCU
What makes your business unique in town or your industry?
What makes us unique as a financial institution in Frederick is that we don’t have shareholders. When you join Nymeo, you really do become an owner!
We often get the question, “Can I join Nymeo?” The answer will most likely be yes! If you live, work, worship, attend school, volunteer, or conduct regular business in Frederick or Montgomery County, you are eligible to join. It takes $5 to open your savings account – then you become a member. In fact, once you are a member, your immediate family and household members are also eligible to become members. Once a member, always a member – even if you move away to another country! Details about Nymeo membership is available on Nymeo.org.
Photo Courtesy Nymeo FCU
What do you wish people knew about your business/organization?
Many people don’t know about our awesome work culture. Nymeo has won many local and national workplace awards including the Best Credit Union to Work For and the 2020 Best Places to Work in Frederick County. From health and wellness incentives, bring your pet to work day, flexible/remote work schedules, team building events, employee recognition opportunities, incentive plans, and other great benefits, Nymeo offers a culture focusing on improving lives of not just our members but its own family members – our employees.
Have any exciting promotions or interesting events/plans coming up?
Our credit union provides our members and community members specials and promotions throughout the year in savings and loans. Credit unions are known for awesome auto loans, and we certainly have them!
Our credit union also offers a fantastic refer-a-friend program. When our members refer a family member or friend to our credit union, we provide a special thank you gift to both. Our members love this program.
We also provide an array of nontraditional benefits and services for our members such as access to financial advisors and a Wills & Trusts attorney. We also offer our members options for insurance through Nymeo Insurance Services. Overall, since we are locally based, if you have a dream or a goal in mind when it comes to you finances, we are always here to listen and help you reach them. Check out our website at Nymeo.org for details!
Frederick Chamber Insights is a news outlet of the Frederick County Chamber of Commerce. For more information about membership, programs and initiatives, please visit our website.