History and Information - South Florida Federal Credit Union

South Florida Federal Credit Union - History and Information

About South Florida FCU

South Florida Federal Credit Union is a not-for-profit, cooperative financial institution federally chartered and insured. Since 1947, South Florida FCU has served and provided, for their members, a wide range of services aimed towards meeting all of their financial needs.

As a federally regulated Credit Union, South Florida FCU is similar in nature to a bank. The most prominent difference is we are a not-for-profit organization. Not only does the latter statement serve as our core "moto", but it allows us to offer our members lower cost financing, higher rates on savings, and lower or no fees on other products and services.

In addition to being a not-for-profit institution, South Florida FCU openly invites all members to take an active role in Credit Union matters. As a member, you are entitled to vote in annual elections for your Board of Directors representative. Moreover, The Board of Directors consists of Credit Union members that have volunteered to help direct Credit Union operations.

South Florida FCU History

The year 1947 marked the birth of the Credit Union, as it was organized and chartered by the State of Florida with the name "Pratt Hospital Credit Union". It served the employees of the Veteran's Hospital in Coral Gables, Florida. Within a few years, the name was changed to "VA Hospital of Coral Gables Credit Union". In 1967, the Credit Union relocated into the newly designed VA Hospital in Downtown Miami on Northwest 16 Street and 12 Avenue. Along with its relocation came the new name "VA Hospital Credit Union of Miami", to more properly reflect the members it served.

The Credit Union's current relationship with the National Credit Union Association (NCUA) began in 1978 when it became both federally chartered and insured. In addition to this charter, the Credit Union was, once again, renamed to "VAH Miami Federal Credit Union". In 1986, the VAH Miami Federal Credit Union was presented with another opportunity to grow and expand its services by merging with Cedars Employees Credit Union. Over the next eleven years, the Credit Union's sound customer care and services helped to establish it as a respectable and promising financial institution. The historic year of 1997 transformed the Credit Union's reputation of a promising financial institution into a fulfilling reality. This year marked the ground breaking ceremony of the Credit Union's newly constructed building located directly across the VA Miami Medical Center.

Within the next four years, the VAH Miami Federal Credit Union opened its doors to more than 9,000 new members. The Credit Union's two mergers with Alterman Employees Federal Credit in August of 2000, and with Ahavas Chesed Credit Union in February of 2001 contributed heavily to this rapid growth period. Preceding the merger with Ahavas Chesed Credit Union, the VAH Miami Federal Credit Union realized that its name no longer reflected the members its served. Hence, in June of 2001, the VAH Miami Federal Credit Union was renamed to "South Florida Federal Credit Union". Nearly a month later, South Florida Federal Credit Union launched and recognized its online web site, www.SouthFloridaFCU.com. The creation of South Florida Federal Credit Union's web site was aimed towards providing their members with up to date information and to stimulate a family oriented and interactive environment.

The tradition of being a not-for-profit but for service financial institution has served as both our slogan and cornerstone since our birth in 1947. With this, South Florida Federal Credit Union continues to grow and serve its members with unmatched professionalism and respect.

Employers Take Notice

Although our Charter restricts our services to Select Employee Groups (SEGs), membership into South Florida FCU is both simple and profitable for employers seeking to offer Credit Union benefits. Not only is membership cost-free to a company, but employees become eligible to receive full Credit Union services, including low interest rates, high dividends, and quality member services. Therefore, South Florida FCU can help to strengthen an employers benefits program and promote goodwill along all levels of their respective organizations. For further information, please complete the form entitled "Prospective Company" or contact our Business Development Manager.