What is a Credit Union?
In the US, there are approximately 13,500 member/owned cooperative financial institutions, serving approximately 91 million members. Their roots go back to 1849 when the first credit union was established in Western Europe.
It's About Membership.
Membership is ownership:
When you're a member you're an owner. That's the credit union difference! Because you are one of the owners there is a difference in the services you receive and the way you are treated at a credit union.
A Unique Financial Institution
A credit union is a unique financial institution. It isn't a bank. It isn't a savings & loan association. In fact, it isn't really in existence for the purpose of making money. A credit union is actually a financial cooperative. It's owned by the members, and it enables all the members to pool their savings, lend them to one another, and own the organization where they save, borrow and receive other financial services.
Volunteers Help Control Costs
This brings us to another unique credit union feature: volunteerism. Many people working at the credit union, including our credit committees, supervisory committee and even our board of directors are unpaid volunteers! This not only helps control costs but enables the organization to concentrate on service to our member/owners.
One of the major objectives of the credit union is to educate members as consumers, helping them to get more from their money, and advising members on where to get the best financial services for their particular situation…even if that source does not happen to be the credit union.
The level of service at the credit union remains high and the rates remain favorable. That is why a recent survey revealed that credit union members are the most satisfied users of any financial institution... and the least likely to change financial institutions.
Nucor Employee's Credit Union was founded in late October 1962. The need for the credit union arose out of the fact that Vulcraft (later named Vulcraft Division of Nucor Corporation) employees needed a reliable, low cost source of borrowing money when they could not pay the difference between the cost of hospital expenses and the amount covered by their insurance policy.
Mr. F. Kenneth Iverson the head of what was then known as Vulcraft Corporation issued a letter to all Vulcraft employees. This letter explains very well the ideals of a credit union and asks employees for a response to forming a credit association. After receiving a favorable response our first Board of Directors were elected consisting of Mr. Alfred Lawton, Mr. R. E. Hutchinson, Mr. Robert Young, Ms. Mary F. Morris and Mr. Charlie Gregg.
The first manager of the credit union was Ms. Joyce Pridgen. Vulcraft paid Ms. Pridgen's salary until the credit union could afford to pay salaries. The credit union reached $1,000,000.00 in assets in June 1977. The main credit union office was located in the physical office building at Vulcraft. In December of 1987, the credit union built its first building. The main office of the credit union still resides on Vulcraft Division, Nucor Corporation property on North Cashua Drive in Florence, South Carolina.
The field of membership of the credit union consists of only one group:
Employees of Nucor Corporation and their families.