First Commonwealth is a not-for-profit financial cooperative, chartered by the National Credit Union Administration, an agency of the U.S. Government. Our credit union is jointly owned by our members. Each member who opens a share (savings) account with a minimum $5 balance is an equal owner in the credit union. First Commonwealth is democratically controlled by its members who elect a volunteer board of directors from the membership. Our credit union exists to improve the financial well being of our members. Most types of financial institutions must distribute profits to stockholders or principal owners. Because the credit union does not have stockholders or principal owners, we can return profits to our members in the form of higher dividends on savings, lower rates on loans and lower fees.