Palmetto Citizens Federal Credit Union

Palmetto Citizens Federal Credit Union is a not-for-profit financial institution serving the citizens of an eight county area around Columbia, South Carolina, United States, including: Richland, Lexington, Kershaw, Orangeburg, Newberry, Fairfield, Calhoun and Saluda Counties.[2] Palmetto Citizens is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. As a credit union, they do not have stockholders like banks and can return earnings to their member-owners in the form of higher savings rates, lower loan rates and fewer fees.[3]

Palmetto Citizens Federal Credit Union
TypeCredit union
IndustryFinancial services
FoundedJune 4, 1936 (1936-06-04)
HeadquartersColumbia, South Carolina, United States
Number of locations
14 Service Centers [1]
ProductsChecking accounts; auto loans; consumer loans; mortgages; credit cards; home equity loans; savings accounts; certificates of deposit (CDs); money market accounts; IRAs; financial counseling; small business financial services
Websitewww.palmettocitizens.org

As of November 2020, Palmetto Citizens serves over 71,500 members with assets over $1 billion.[4]

History

Palmetto Citizens Federal Credit Union, formerly known as Columbia (SC) Teachers FCU, is located in Columbia, South Carolina and was organized and issued a federal charter on June 4, 1936. Ten individuals each deposited $5.00 to begin the credit union, which only served the employees of Columbia Public Schools.[5]

In later years, after the school system was divided by counties, the credit union expanded its field of membership to include the major school districts and most area private schools. Deregulation in the 1980s permitted the credit union to accept groups and organizations outside the education field, which gave even more people the benefit of credit union membership.

In 2001, the National Credit Union Administration (NCUA), which oversees all federally chartered credit unions, gave approval for this credit union to become a community based credit union and officially became Palmetto Citizens. They were the first credit union in South Carolina to be granted a multi-county community charter.

Today, Palmetto Citizens is one of South Carolina's larger credit unions, serving over 71,500 members with assets over $1 billion.[4] from 14 Service Center Locations within central South Carolina.[1] In 2020, Forbes named Palmetto Citizens as one of the Best Credit Unions in South Carolina.[6]

Membership

Palmetto Citizens Federal Credit Union membership is open to any individual who lives, works, worships or attends school in Richland, Lexington, Orangeburg, Kershaw, Newberry, Fairfield, Calhoun or Saluda Counties of South Carolina. Members who have immediate family within this eight-county area may be eligible to join as well. Membership may also be available to businesses and legal entities operating in this area.

To begin a membership at Palmetto Citizens, one must open a primary savings account with as little as $25. This deposit will make a person a member-owner of the credit union and grant access to their products and services.

References
  1. "Palmetto Citizens Office and ATM Locations". www.palmettocitizens.org.
  2. "Join Palmetto Citizens Federal Credit Union". www.palmettocitizens.org.
  3. "How is a credit union different than a bank? | MyCreditUnion.gov". www.mycreditunion.gov.
  4. "Credit Union Details". mapping.ncua.gov.
  5. "Join Palmetto Citizens Federal Credit Union". www.palmettocitizens.org.
  6. "America's Best Credit Unions In Each State 2020". Forbes.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.