California coast credit union (credit union) is a cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at rates of interest SET by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social condition. As a cooperative, the credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.