SECU history

By 1940, over 120 credit unions existed in the Tar Heel state.

By 1950, there were a little over 200 North Carolina credit unions.

SECU began operations in October 1951 in a niche in the hallway of the Miller Building in downtown Baltimore.

In January 1952, SECU made its first loan – for $180.

Thanks to the enthusiastic response by state employees, membership and services grew, and SECU was able to open its first official office in Spring 1953.

Servicing the ever-growing membership required SECU to expand office space and in June 1959, SECU moved to the newly constructed State Office Building at 301 West Preston Street.

By 1960, the credit union grew to serve over 70,000 members and had assets of almost $25 million.

1962): 541-48; The North Carolina Credit Union Division, “Credit Unions,” http://www.nccommerce.com; National Credit Union Administration, “About NCUA,"http://www.ncua.gov/AboutNCUA/Index.htm; See also the United States Supreme Court case National Credit Union Administration v.

In 1975, SECU again moved its Baltimore office to the location it now occupies in the O’Connor State Office Building.

In 1979, SECU proudly enrolled its 50,000th member.

Membership and branch locations continued to increase, and in 1980, SECU moved into its newly constructed headquarters in Towson.

LGFCU received a federal charter on March 24, 1983.

First National Bank (1998), the United States Supreme Court ruled that banks can challenge the NCUA’s legal interpretation of section 109 of the Federal Credit Union Act and that the expanded definition of “common bond” in the case of AT&T Family Federal Credit Union was impermissible.