Southern Cherokee Federal Credit Union's roots begin at Rusk State Hospital in 1960
March, 1960 saw the establishment of Rusk State Hospital Employees Federal Credit Union. The charter restricted credit union membership to employees of Rusk State Hospital and their immediate families. Lucille Penick, founding credit union manager, said later, ""Once a member, always a member, as long as you do not withdraw your shares." She added, "We consider the credit union the RSH's employees' best friend. Our motto is 'Not for profit, not for charity, but for service.'"

Board members of the Southern Cherokee Federal Credit Union include (front row from left): Mary Perkins, Glenda Littlejohn, Rita Hilliard, CEO and Verdie Harrison. Back row, same order are G.M. Berry, James Campbell, Morris Dixon, Earnest Hudnall and Charles Ray Peters. Not pictured is Steve Daniel.

The credit union had humble beginnings. Mrs. Penick said, "The first office space was only three feet by five feet and was run by volunteer help only." That office was relocated on the second floor of the Business Administration Building at the hospital and had a staff of three full and one part time employees."

By 1977 the credit union had purchased off campus land. Within one year, a new facility had been established near the intersection of highways U.S. 69 and U.S. 84. At that time the charter was amended to include the entire southern portion of Cherokee County and adopted a name change to Southern Cherokee Federal Credit Union.

At last year's end, SCFCU was 4,113 members strong with assets of $26 million. It had been launched in 1960 with 10 charter members and slightly more than $11,000 in assets. At the end of 1974 the financial institution had 1,367 members and assets of almost a half million - $1,437,857.

The organization is served by a nine member board and is federally chartered and regulated by the National Credit Union Administration. All accounts are insured up to $100,000. IRA accounts are insured separately for $250,000.

The concept of credit unions originated from a simple idea during the 1800s in Europe: "People can pool their money and make loans to each other."

Over time the idea became a reality and reached Canada and the U. S. The first national observance of Credit Union Day was in 1927. After several decades, it faded. However, by 1948 new appreciation for this concept was rejuvenated and has since been celebrated on the third Thursday of October.

In 1971 substantial worldwide credit union progress led to the creation of the World Council of Credit Unions.

Today, Rusk's two credit unions join others around the world in celebration of this special day. More recently established are credit unions in Canada, Australia, Latin America, Caribbean, Africa, Asia, New Zealand, Great Britain and the South Pacific.

They share a common heritage with more than 172 million members in 97 countries where others see, feel and celebrate the philosophy of, "Together We're Better."