Membership in this credit union shall be open to active and retired employees of the Willoughby-Eastlake Schools, employees of the Willoughby-Eastlake libraries, employees of the credit union and immediate members of their families. Surviving spouses of any of the above described employees, whether or not such employee is or was a member. The term employee includes those persons who have completed active employment and have retired as annuitants. Persons who become members of this credit union shall be deemed to retain a common bond of association and thereby are eligible to retain their members