5 Major Updates: Everything To Know About Bowater Credit Union In 2025
The financial landscape in Southeast Tennessee is seeing significant changes, and Bowater Credit Union is at the forefront of these updates. As of December 19, 2025, the institution has announced several major developments that will impact its members and the wider community, from a change in executive leadership to a complete overhaul of its digital services. These changes reflect a commitment to modernizing the member experience while maintaining its deeply rooted, community-focused mission.
Bowater Credit Union, a member-owned, not-for-profit financial institution, continues its decades-long history of service by focusing on competitive rates, personalized service, and local decision-making. If you live, work, or go to school in their service area, understanding these five key updates is essential for maximizing your membership benefits in the coming year.
Bowater Credit Union: Profile and Key Facts
Bowater Credit Union has a rich history tied to the local industrial and community growth in Tennessee. Originally established to serve employees of a major local industry, it has expanded its reach and services significantly over the years.
- Founded: 1954
- Original Name: Bowaters Employees' Credit Union
- Current Name Adopted: 1987
- Structure: Member-owned, not-for-profit financial institution
- Headquarters/Primary Service Area: Southeast Tennessee
- Convenient Locations (5 Branches):
- Cleveland, TN (King Street & Keith Street)
- Calhoun, TN (Highway 11 S)
- Athens, TN (Congress Pkwy S & Hill St.)
- Primary Services: Savings Accounts, Checking Accounts, Loans (Auto, Personal, Home), Mortgages, and Financial Services
Update 1: New Chief Executive Officer Appointment
One of the most significant pieces of news for 2025 is the change in executive leadership. Bowater Credit Union has announced the appointment of a new Chief Executive Officer (CEO).
Ginger Carter is set to take the helm as the new CEO, with her appointment becoming effective on May 15, 2025.
Carter will succeed the previous leader, Matt, marking a new chapter for the credit union. This leadership transition signals a commitment to continued growth and innovation while preserving the credit union’s core values of member service and community focus.
Update 2: Major Digital Banking Experience Upgrade
In a move to enhance accessibility and user control, Bowater CU is converting to a completely new online and mobile banking experience.
This upgrade is designed to put more control over finances directly into the hands of the members. The new platform promises to be more intuitive, offering a seamless and modern digital experience for managing accounts, transferring funds, and utilizing the latest financial tools.
Members who rely on the existing online banking system, myBRANCH, and the PAL phone system should monitor communications for specific dates and instructions regarding the conversion.
Update 3: Expanded Membership Eligibility in Southeast Tennessee
Membership at Bowater Credit Union is not restricted solely to employees of the original Bowater company. The eligibility criteria are broad and community-focused, covering five key counties in Tennessee.
You are eligible to join if you live, work, or go to school in any of the following five Tennessee counties:
- Bradley County
- McMinn County
- Meigs County
- Monroe County
- Polk County
Immediate family members of current members are also eligible to join, including spouses, children, grandparents, and step-children. To open a new account, a minimum deposit of just $5 is required to establish a savings account and secure your membership.
Update 4: Local, Comprehensive Lending Solutions
A key differentiator for Bowater Credit Union is its commitment to local loan servicing and decision-making. Unlike larger national banks, their loan process is often more personalized and flexible.
The credit union offers a variety of lending products to meet diverse financial needs, all with competitive rates and superior local service.
Mortgage and Home Loans
Bowater CU offers a full suite of home loan options, including both fixed-rate and adjustable-rate mortgages (ARMs).
- Fixed-Rate Mortgages: Available in terms such as 10, 15, and 30 years.
- Adjustable-Rate Mortgages: Options like the Bowater 7/1 Fixed to Adjustable 30 Year, which offers a fixed rate for the first seven years.
- Refinancing: Options are available for existing homeowners looking to secure better terms.
Other Lending Products
Beyond home loans, the credit union provides options for auto loans, personal loans, and other financial services, emphasizing flexible terms and a focus on the member's financial situation.
Update 5: 2025 Annual Meeting and Community Benefits
The credit union’s annual business meeting is a crucial event for members to stay informed about the institution's performance and future direction. The 2025 Annual Meeting is scheduled for April 28.
During the meeting, the Volunteer Board of Directors will provide an overview of the past year's performance and outline plans for the upcoming year, reinforcing the member-owned structure of the credit union.
Unique Member Perks
In addition to standard financial services, Bowater CU leverages its community focus to offer unique perks to its members. One standout benefit is the availability of discount tickets to popular local attractions.
- Dollywood & Splash Country: Members can purchase discounted tickets for the 2025-2026 season, with prices significantly lower than the regular gate price.
This community involvement extends to supporting local initiatives like the Meigs County High School Spanish Club and partnering with organizations like Main Street Member Services to offer members lower-cost check options.
The Bowater CU Difference: Why Local Matters
The core philosophy of Bowater Credit Union revolves around being member-owned and community-focused. This structure means profits are returned to members in the form of lower loan rates, higher savings yields, and reduced fees, rather than being distributed to external shareholders.
The combination of a modernized digital experience, local decision-making on loans, and a new executive vision under CEO Ginger Carter positions Bowater CU as a forward-thinking yet deeply local financial partner for residents across Bradley, McMinn, Meigs, Monroe, and Polk counties. Staying updated on the new online platform and leadership changes will ensure members are prepared for a technologically advanced and service-oriented 2025.
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