Mount Pleasant Magazine Sept/Oct 2019

mp business www.MPBusinessMag.com | www.BestOfMP.com | www.MountPleasantMagazine.com MPB S outh Carolina Federal Credit Union began with the tenacity and vision of employees at the former Charleston Naval Shipyard and has grown to what we know today — thanks to the hard work and dedication of South Carolinians. Originally founded as Charleston Naval Shipyard Employees Federal Credit Union in 1936, it began with 14 founding members who each contributed $5, for a total starting asset base of $70. The name was changed to Charleston Naval Shipyard Federal Credit Union in 1960 when membership was expanded to U.S. Navy personnel in the Navy Yard. In 1965, their first financial institution center was opened at the Shipyard. “Opening this center made us one of the first credit unions in the state with our own facility,” explained Scott Woods, president and CEO of South Carolina Federal Credit Union. “Today, we are currently a $2 billion credit union with 22 financial centers, over 160,000 members and approximately 470 employees.” South Carolina Federal Credit Union has a multiple common bond charter, which means members can connect in a variety of ways. First, a person can become a member if he or she has a family member who currently banks with SC Federal. A person can also become a member if he or she lives, works or worships within SC Federal’s defined geographical footprint and, finally, a person can make a small donation to one of the Foundation’s nonprofits to be eligible for membership. South Carolina Federal Credit Union is a full-service financial institution, offering all the products and services you can find at a bank. “We are passionate about giving back to the communities we serve. We invest more than $500,000 in our footprint every year, and, in 2018, our employees logged over 2,700 volunteer hours,” commented Woods, who has worked with SCFCU for 20 years. “Every one of our members has a voice in the credit union. We report to our members, not shareholders, so our members have the opportunity to attend our annual meetings, vote on our leadership, and stay regularly informed on credit union projects and initiatives. We weigh all decisions by first asking, ‘Is this to the benefit of our membership?’” South Carolina Federal Credit Union merged in STACY E. DOMINGO For the Members, by the Members South Carolina Federal Credit Union Photos courtesy of South Carolina Federal Credit Union.