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For more than 50 years, Founders Federal Credit Union, one of the nation's largest credit unions, has been dedicated to providing unparalleled, personalized service and quality financial products to its members and their families.
Founders is a not-for-profit financial cooperative owned by its members and offers products and services comparable to those of many banks. The credit union has unpaid volunteers who serve on the board of directors and supervisory committee, elected by the membership. Most of the earnings are returned to members in the form of higher rates on savings, lower rates on loans and free or low-cost services.
The credit union was originally established by Springs Mills' Colonel Elliott White Springs. He became aware that many of the Springs employees in Fort Mill, South Carolina, were borrowing from local finance companies at very high interest rates. At that time, banks had not become as active in consumer lending, and finance companies were very prevalent and unregulated.
The Colonel appointed a three-person team, comprised of James Bradley, Bill Close and William Medford to find a means for Springs' employees to borrow money at an affordable rate and maintain a systematic savings program. Their recommendation was to organize a company-sponsored credit union, so in September of 1950 the Springs Employees Federal Credit Union in Fort Mill, South Carolina was established and began operation with approximately 900 charter members.
Based on the success in Fort Mill, a similar operation was organized in February of 1951 to serve the Springs employees in Chester, South Carolina. In the spring of 1961, the Kershaw, Grace and Lancaster Springmaid Credit Associations were organized. During the first 30 years, the credit unions operated as separate and independent operations.
In 1980, the five offices were consolidated to form one organization guided by a single board of directors. At the end of 1983, the credit union changed to a federal charter and became Springmaid Federal Credit Union, and other companies were added to the field of membership. The name Founders Federal Credit Union was adopted in 1993 to reflect a more diversified field of membership.
Leading these changes was former President and CEO, Laura M. Fleming. Fleming retired in December 2002 after helping build one of the state's largest credit unions during her 42 years of service. She passed away in July 2003, leaving behind an extraordinary legacy.
Current President and CEO, Bruce Brumfield oversees more than 1,025 Business Partners and 25 offices and 3 service centers in North and South Carolina. Founders has over 500 employees, more than 170,000 members and more than $1.4 billion in assets.
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