Purdue Federal has been lending to local businesses since 1999, and our Member Business Services team has more than 60 years of commercial banking experience. At Purdue Federal, our goal is to find the right solutions to help your business succeed and our community to grow.
Switch your business accounts to Purdue Federal today.
Download our helpful checklist
To learn more, contact our Purdue Federal Member Business Services Department at 765.497.7422.
Opening a business account is easy.
Purdue Federal membership is open to any current student; employee; persons retired as pensioners or annuitants of, and alumni of the Select Employee Groups below; to persons who live, work, study, or worship in LaPorte County, Indiana; and to immediate family members of a current member.
A complete list of all current Select Employee Groups is available at any Purdue Federal branch location or by clicking here. As a member of Purdue Federal, you share in its ownership. You join a cooperative financial institution organized under federal credit union regulations.
In order for the Business Entity to qualify for membership a) all shareholders of the corporation; b) all members of the limited liability company; c) all partners of the partnership; d) all members of the informal association, organization, or club; or e) the owner of the sole proprietorship, as applicable, must meet at least one eligibility requirement for membership with the Credit Union.
The Business Entity must also purchase and maintain a $5.00 share of ownership (the membership share) in the primary share savings Account at the Credit Union as required by our bylaws.
Before being accepted for business membership at Purdue Federal, the Business Entity must:
- Identify beneficial owners, which includes any individual who directly or indirectly, through contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interests of a legal entity member. We will require a copy of official identity documentation such as a driver's license or passport if they are not present at account opening.
- Identify the control prong, which is an individual with significant responsibility to control, manage or direct a legal entity member. We will require a copy of official identity documentation such as a driver's license or passport if they are not present at account opening.
- Provide acceptable organization documents as applicable including, but not limited to, Certificate of Assumed Business Name, Certificate of Incorporation, Certificate of General or Limited Partnership, Partnership Agreement, Articles of Organization or Incorporation, Operating Agreement, Bylaws, and Credit Union Provided Authorization Resolutions (“Entity Documents”).
Once you open the business account, the $5 membership share will be unavailable for withdrawal.
Please use the chart below to determine the documentation required to open your Purdue Federal Business Account.
|Business Type||Required Documentation|
Doing Business As (DBA)
Limited Liability Company (LLC)
|Multiple Member Limited Liability Company (LLC)|