History
South Carolina Federal originated on Jan. 31, 1936, at the Charleston Naval Shipyard (Charleston Navy Yard) in North Charleston, S.C., when fourteen Navy Shipyard workers each contributed $5 (for a total investment of $70) to create the Navy Yard Employees Credit Union.
In 1960, the credit union changed its name to the Charleston Naval Shipyard (CNS) Federal Credit Union when its field of membership expanded to include Navy personnel who worked at the Navy Yard or were stationed/home-ported at the naval base. In 1965, CNS became the first credit union in South Carolina to have its own facility. By 1969, CNS opened its first branch on the Naval Station. Other branch locations quickly followed.
During the 1980s, CNS capitalized on legal changes that enabled credit unions to serve as full-service financial institutions. The NCUA during this time also allowed credit unions to open their fields of membership to "unlike groups," permitting CNS to accept members from groups or organizations beyond those associated with the Shipyard. These developments contributed to several smaller credit unions merging with CNS during the 80s. By the end of 1985, as CNS was nearing its 50th anniversary, it had assets of $221 million and served 103,844 members.
The U.S. Navy closed the Charleston Naval Shipyard and naval base on April 1, 1994, but CNS’ member base was robust enough that the credit union was able to withstand the loss. In recognition of the changed environment and the credit union’s broad membership, CNS changed its name on August 9, 1994, to South Carolina Federal Credit Union.
During the 1990s, South Carolina Federal expanded beyond the Charleston area for the first time, into Georgetown and Columbia, S.C. In 2003, South Carolina Federal changed its status from a select employer group to a community-chartered credit union. In May 2004, South Carolina Federal reached a major financial landmark when assets hit $1 billion.
Read more about this topic: South Carolina Federal Credit Union
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