WINSTON-SALEM, N.C.–As part of the celebration around its 70th anniversary, Truliant FCU has created a document that compiles its history.
The piece notes the credit union came into the world in 1952 as Radio Shops FCU to serve employees of Western Electric. To join the credit union then cost 25 cents.
Within three months Radio Shops FCU had more than 1,100 members, with Truliant noting, “Legend has it that early deposits were kept safely in a cigar box.”
In 1954 the credit union changed its name to North Carolina Works FCU to recognize Western Electric’s factory network, and by 1962 it had more than 8,000 members.
In 1968 it was ranked as the country’s 96th largest CU at a time the Bureau of Federal Credit Unions said there were 12,584 CUs in the United States.
Other historical moments highlighted in the report:
- In 1983 it opened its first offices outside of a Western Electric plant
- When the Bell system was broken up, AT&T Technologies took over the credit union’s corporate charter and it changed its name to AT&T Family FCU in 1984
- In the early 1990s, the CU built a 50,000-square-foot headquarters.
A Piece of History
At the same time, the piece notes AT&T Family FCU became the centerpiece of one of the biggest turning points in U.S. credit union history, when its FOM expansion led to a lawsuit filed by the banking industry. That suit eventually led to a Supreme Court decision against NCUA that rejected AT&T Family’s expansion, which in turn led to a massive national effort to get the Credit Union Membership Access Act through Congress, creating the broad fields of memberships held by many CUs today.
Not long after that decision, the credit union changed its name to Truliant FCU.
The full Truliant piece can be viewed here.
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