In 1954 seven employees of Riegel Paper Board Company decided to start a COOPERATIVE credit union for themselves in Riegelwood, North Carolina. These seven employees encouraged others to begin saving money through a payroll deduction program the credit union provided.
Seeing member saving accounts grow was very encouraging and less painful with the payroll deduction method…so others started opening accounts, also. Excitement continued to spread as credit union members began receiving quarterly statements from their “member-owned” credit union. Earning dividends was a great incentive to save with their credit union, too!
Credit union assets started growing when members realized their savings could be loaned to other members as well as themselves as need arose. The members loved the cooperative concept to save money and loan to their fellow co-workers. Savers were earning a fair rate of saving dividends and borrowers were loaned money at lower rates of interest than their local bank.
One of the first loans made for a member of RFCU was to purchase a new washing machine. Members were thrilled to know they could help others by being a member of the credit union. The credit union philosophy of “People Helping People” was so true for members of Riegelwood Federal Credit Union.
The small little credit union that began with seven members in 1954 has grown to over 12,500 members as of 2016. What was once just a credit union that provided savings and loans to its members has advanced into a full service financial institution as you see it today. Our low to no cost services and products are one of the many benefits of being a member of a North Carolina Cooperative.
Riegelwood Federal Credit Union is a not for profit financial cooperative. We are governed by a member-elected board of directors that are all volunteers. RFCU’s policy of “once a member always a member” has been great for our retiree members. Meeting the needs of our credit union members has always been top priority along with extraordinary personal service.
The original purpose and philosophy of our credit union has remained the same. A credit union formed and supported by individuals with a common bond, making financial services available to each other through a cooperative effort.
The following principals have kept RFCU strong and viable:
- Our “People Helping People” Philosophy
- Volunteers eager to give of their time and knowledge
- Support from our credit union members
- Our “Real People, Real Friendly, Real Help” Staff
- Not for Profit financial cooperative