Employees of Ethyl Corporation established the Ethyl Corporation Credit Union in the late 1930’s. Membership was extended to other employee groups in 1981, and by 1996 more than 350 Select Employee Groups (SEGs) joined. The credit union first changed its name to Louisiana USA Federal Credit Union to reflect its growing diversity. In 2025, it changed again to Formation Federal Credit Union.
After 80 years Formation is financially sound, well capitalized, and truly committed to providing a full range of financial products and services.
Member deposits are insured by the National Credit Union Share Insurance Fund up to $250,000. Accounts can be structured to allow an aggregate of $1,250,000 in deposits to be insured per member.
A member-elected Board of Directors serves voluntarily in two-year terms. With a board-appointed Supervisory Committee, they provide oversight to management and staff. They meet monthly to review a wide range of financial transactions and results, as well as, annually to strategically plan future programs, financial budgets, and proposed capital expenditures.
As a non-profit corporation that is well-capitalized, Formation strives to absorb product and service costs for its members and give the most competitive rates for both loans and deposits.
Formation is family-focused on helping fellow family members; this is why it was established in 1939 and why it remains intact for its members today.
Employees of Ethyl Corporation established the Ethyl Corporation Credit Union in the late 1930’s. Membership was extended to other employee groups in 1981, and by 1996 more than 350 Select Employee Groups (SEGs) joined. The credit union first changed its name to Louisiana USA Federal Credit Union to reflect its growing diversity. In 2025, it changed again to Formation Federal Credit Union.
After 80 years Formation is financially sound, well capitalized, and truly committed to providing a full range of financial products and services.
Member deposits are insured by the National Credit Union Share Insurance Fund up to $250,000. Accounts can be structured to allow an aggregate of $1,250,000 in deposits to be insured per member.
A member-elected Board of Directors serves voluntarily in two-year terms. With a board-appointed Supervisory Committee, they provide oversight to management and staff. They meet monthly to review a wide range of financial transactions and results, as well as, annually to strategically plan future programs, financial budgets, and proposed capital expenditures.
As a non-profit corporation that is well-capitalized, Formation strives to absorb product and service costs for its members and give the most competitive rates for both loans and deposits.
Formation is family-focused on helping fellow family members; this is why it was established in 1939 and why it remains intact for its members today.
