About Our Credit Union
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.
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), an agency of the federal government that oversees all federally chartered credit unions, met and gave approval for us to become a community based credit union. We were the first credit union in South Carolina to be granted a multi-county community charter.
This approval meant anyone who lives, works, worships, attends school, is part of a related business or has immediate family relations in Richland, Lexington, Newberry or Fairfield counties could join our credit union. During this time, we also felt it was necessary to change our name to better represent the area we now serve. In April 2001, we officially became Palmetto Citizens Federal Credit Union.
Today, Palmetto Citizens is one of South Carolina's larger credit unions, serving over 46,000 members with assets over $400 million.