ALEXANDRIA, Va.–Democracy Federal Credit Union is celebrating its 85th anniversary.
Democracy FCU said its story began on May 26, 1936, just two years after the passage of the Federal Credit Union Act. The charter was issued in the name of Social Security Employees Federal Credit Union and changed in 1946 to Federal Security Agency Employees Federal Credit Union.
By the mid 1950s the Department of Health, Education, and Welfare (HEW) was created precipitating a name change in 1955 to the HEW Employees FCU. As the credit union continued to grow by expanded fields of membership, in 1984 the “Employees” was dropped from the name changing it to HEW FCU.
Recognizing the democratic structure and growing family of members, Democracy Federal Credit Union changed its name to the current on Jan. 1, 2015.
It took Democracy FCU 36 years to reach its first $10 million in assets. Today, Democracy FCU is celebrating nearly $180 million and $14,000 members via five branches in Washington, D.C., Virginia, Maryland, and Pennsylvania.
Over the years, Democracy FCU has helped thousands of members achieve their financial goals saving them millions of dollars. Democracy FCU has partnered with local communities to give back through monetary donations, food, support, and financial literacy.
“I am proud that our legacy of financial education has positively impacted the lives of so many in our community. We have been able to be there for members for all of their major life changes,” said Ken Cahoon, Democracy FCU CEO/president. “I am humbled at the commitment to exceptional service we have provided to our members over the years to watch our credit union reach and celebrate a monumental anniversary.”
A Mayoral Proclamation by Alexandria Mayor Justin M. Wilson, proclaimed May 26 as the 85th Anniversary of Democracy Federal Credit Union.”
To celebrate the milestone anniversary, Democracy FCU kicks off the celebration day with a new anniversary logo. The credit union said it plans to involve members in the party all year long.