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 immediate families.