south carolina federal credit union type credit union industry financial services founded 1936 headquarters north charleston south carolina united states products savings ; checking ; consumer loans ; mortgages ; credit cards ; online banking total assets 1.4 b usd 2008 website scfederal.org south carolina federal credit union or south carolina federal is a credit union headquartered in north charleston south carolina that is supervised and insured by the national credit union administration ncua an agency of the u.s. government . south carolina federal is the largest oldest locally owned financial institution in the charleston tri county area . as of 2016 south carolina federal had over 1.4 billion usd in assets and over 150 000 active members . 1 south carolina federal has received numerous accolades in recent years including ; charleston city paper s best financial institution lowcountry parent s mom s choice award moultrie news readers choice award summerville journal scene s readers choice award as well as being recognized among the best places to work in south carolina . 2 3 contents 1 history 2 organization 3 membership 4 services 5 competition 6 references 7 external links history edit 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 . 4 organization edit south carolina federal is a community chartered credit union . this means south carolina federal can serve anyone who lives works worships or attends school within certain community boundaries as defined by the ncua . see membership below . credit unions are owned and governed by the people who use its services . those people are called members and each member is an equal owner of the institution . members elect and serve as the credit union s volunteer board of directors which establishes and reviews policies based on what is best for the collective membership . south carolina federal s supervisory committee made up of volunteers appointed by the board is responsible to ensure that the credit union s financial condition is presented accurately in financial statements and that management practices and procedures safeguard members assets . south carolina federal is committed to giving back to the communities it serves . through corporate social responsibility civic memberships and the south carolina federal credit union foundation the credit union infuses nearly 400 000 back into the region each year . membership edit specifically membership in south carolina federal is open to anyone who lives works worships or attends school in berkeley calhoun charleston clarendon dorchester georgetown or orangeburg counties and certain eligible areas of richland and lexington counties s.c. also eligible are those who have a relative that is a member of south carolina federal or persons with at least one relative who meets the criteria for membership stated above . relatives include spouses children including adopted foster and stepchildren parents grandparents grandchildren siblings and members of the same household . services edit south carolina federal is a full service credit union that offers consumer and business products and services that are comparable to most larger financial institutions . products and services include personal checking savings debit and credit cards and loans and business checking business savings business debit and credit cards and business loans suitable for members who own small businesses . south carolina federal also offers free financial education workshops to its members the public and businesses within its field of membership . south carolina federal has 17 financial centers and many convenient atms throughout the state of south carolina . members also have free access to over 50 000 allpoint network atms nationwide . south carolina federal offers online services and information 24 7 via its website scfederal.org . competition edit south carolina federal counts among its competitors other credit unions such as heritage trust federal credit union and banks such as south state bank that maintain a presence in the same local areas and offer a relatively comparable suite of products . references edit http www.scfederal.org home abo.abo our . retrieved nov. 21 2008 . http www.bestplacestoworksc.com index.php option com wrapper & itemid 49 & phpsessid 5a9675f139f724ac024c5ff4eac13046 . retrieved nov. 21 2008 . http www.bestplacestoworksc.com index.php option com wrapper & itemid 67 . retrieved nov. 21 2008 . dabney eric et al. historic south carolina an illustrated history . san antonio texas the south carolina historical society 2006 . external links edit official website co op sm financial services balance financial fitness program retrieved from https en.wikipedia.org w index.php title south carolina federal credit union & oldid 722352060 categories credit unions based in south carolinabanks established in 1936 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom 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