First Pioneers FCU was chartered in 1949 by the employees of AT&T. These forward looking people saw an opportunity to provide for individual thrift, mutual savings and access to low cost loans. Running a credit union meant pooling common savings through payroll deduction, then lending it to members. Pricing of loans and savings was relatively simple; the credit union paid 6% on savings and charged 12% on loans.
At first, savings and loans were the only services offered. Once these services were deregulated, additional services were gradually added to include CDs, IRAs, Visa credit cards and ATM/debit cards.
Over the years, First Pioneers FCU added paid staff, then part time management ̶ eventually becoming full time management. Today, First Pioneers has a full time staff of 12 with 1 part time employee.
In the mid 80s the credit union’s Board of Directors wisely anticipated the impact of communications deregulation, and began adding additional selected employee groups to the credit union’s membership. Lafayette Woodworks was the first non-telephone SEG to be added, followed by Stuller Setting. Today, First Pioneers FCU is a full service financial institution servicing 56 SEGs.