A financial cooperative provides banking services exclusively to individuals affiliated with a specific company, in this case, Tanner. Members pool their savings to offer loans, checking accounts, and other financial products to each other at competitive rates. This model emphasizes member ownership and democratic control.
Such institutions play a vital role in employee well-being by offering convenient access to financial tools and resources. Historically, these cooperatives arose from a need for accessible and affordable banking options within specific communities, often underserved by traditional banks. Membership fosters a sense of shared purpose and often contributes to greater financial stability for individuals and the community as a whole.