When you join Nymeo Federal Credit Union as a member, you become an equal owner in a secure, well-managed financial institution that is also a cooperative! Nymeo offers the same products and services as a traditional bank, but since they have no shareholders, they invest back in their members by offering competitive rates and lower or no fees.
A conversation with Gwen Farrell, Marketing and Community Relations Manager
Tell us Nymeo’s story.
We’ve been around for a long time – 90 years! 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. Later, we became community chartered in both Montgomery and Frederick Counties. Our name changed from Monocacy Federal Credit Union to COMSTAR to Nymeo. (It’s an anagram for money.)
Although we have changed our name, we work with the exact same philosophy that launched our credit union in 1933: A group of people helping each other by forming a cooperative to make loans and start a savings account.
What do you like most about being a business in Frederick?
As a local financial institution, we are proud to be involved in so many opportunities that reinforce the Frederick community spirit. Not only do we serve the people who live in Frederick, but it is also our home base — where our staff live, conduct business and attend school. At Nymeo, we say, our home is your home.
What makes Nymeo unique?
When you join Nymeo, you really do become an owner! We are a well-capitalized financial institution, but our members are the shareholders. Our board members are all volunteers.
Also, people don’t realize that it only takes $5 to open a share (a savings account). And, once you are a member, your immediate family and household members are also eligible to become members. We encourage everyone to join Nymeo! Details about Nymeo membership are available on Nymeo.org.
What do you want Nymeo to be known for?
We are proud to say we have an awesome work culture. Nymeo has won Best Credit Union to Work For in 2022 from American Banker Magazine. Nymeo offers a culture focusing on improving the lives of not just our members but its own family members – our employees. We even have a committee at Nymeo that focuses on continuously creating a dynamic work culture. Also, our members are like family! In fact, we’ve been voted Best Credit Union in Frederick by the Frederick News Post 7 times, including most recently in 2022.
Share some of Nymeo’s community involvement efforts.
Nymeo is not-for-profit. We do not have shareholders. What we earn, we give back to our members in the form of better rates on loans and savings. We also invest in our community.
We are actively involved with our community. Whether it is volunteering at the Rescue Mission or helping with United Way. One thing people do not realize is that every time a member swipes their debit card, we donate to the Maryland Food Bank. In 2022, we donated over $11,800 to the Maryland Food Bank’s School Pantry Program for Frederick County families.
What does Nymeo do best?
Nymeo provides stellar service; Decisions are made locally, and our members love our products and services, such as free checking accounts. We are not just a financial institution but a financial partner.
Have any exciting promotions you’d like the Chamber membership to know about?
Our credit union provides our members and the community with specials and promotions throughout the year in savings and loans. We provide an array of nontraditional benefits and services for our members such as access to financial advisors and a Wills & Trusts attorney.
For our younger members, Nymeo offers a fantastic Student Checking account, awarding $10 for every A on report cards. Plus, we offer two college scholarships, which is open to all area high school seniors – deadline is April 15th so there is still time to apply! Application is available on Nymeo.org.
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.