|The above slide show illustrates the many ways in which Mountain Credit Union is involved in the western NC communities it serves.
(Editor's note: the following written and provided by Mountain Credit Union. If your credit union would like to be featured in the CU Spotlight, please contact Jeff Hardin.)
Update - January 4, 2013: with the approach of its 50th anniversary, Mountain Credit Union announced a loan discount program to celebrate. Details of this program are summarized here.
Mountain Credit Union was first chartered in April 1963 by a small group of Federal employees located in Asheville, NC. The Federal employees who worked in the Federal Building already had their own Credit Union (Arcade) but since this group, who worked outside of the building, was excluded from membership, they decided they needed their own credit union. They collected $35.00 among themselves to start Asheville Federal Employees (AFE) Federal Credit Union.
The Federal agencies initially served by AFE FCU were:
- U.S. Forest Service
- Blue Ridge Parkway
- Southeastern Forest Experimental Station
- Eastern Aerial Photography Laboratory
- Internal Revenue Service
- Social Security Administration
- Soil Conservation Service
- Federal Aviation Administration
- Farmers’ Home Administration
The very first office location was in the Eastern Aerial Photo Laboratory. The lab offered a tiny office partitioned off in their stock room and AFE Federal Credit Union remained there until the lab was closed in 1975. The Credit Union moved around in leased space until purchasing property on Haywood Street in Asheville in 1978 and built its own building.
Changes to our Charter have occurred many times over the years and we have experienced name changes, mergers, SEG expansions, etc.
- 1983 – Name change from AFE Federal Credit Union to Mountain Federal Credit Union
- 1983 – Haywood County Employees Credit Union merged with MFCU
- 1985 – Opened the Fletcher Office due to the acquisition of SEG’s Rockwell (now Meritor), Eaton (now Borg Warner), Steelcase (closed), Seneca Foods (now Clement Pappas)
- 1987 – Macon Citizens Credit Union in Franklin merged with MFCU
- 1989 – Cherokee Federal Credit Union merged with MFCU
- 2007 – Opened the Sylva Office in Jackson County, NC
- 2011 – Enka Community Credit Union merged with MCU
In May 2004, obtaining a community charter resulted in several additional changes. Converting to a state charter from a federal charter means that while we are still federally insured, we had the ability to serve anyone who lives, works, worships in Hendersonville, Buncombe, Haywood, Jackson, Swain and Macon counties. Also, the name changed at that time from Mountain Federal Credit Union to Mountain Credit Union.
For nearly 50 years, Mountain Credit Union has been committed to serving the people in the communities where we live, through our community service efforts and our Youth Financial Education programs. From our humble beginning to where we are today, we’ve grown from assets of $35.00 to over $140 million. From a closet to 7 branches. From one part time employee to 50 employees. And in 2011, through another charter change, now include the counties of Madison, Graham, Clay and Cherokee giving us a total of 10.