Security Credit Union signed its organizational charter on July 29, 1949. A group of Buick employees started the Credit Union with $40 in shares. The original intent of organizing the Credit Union was to "encourage and promote thrift and to provide loans for any prudent or productive purpose at a reasonable rate of interest."
The original name of the Credit Union was Flint Buick Employees Federal Credit Union and UAW Local 599 aided in organizing it. They provided office space, about the size of a large coat closet, on the second floor of the local. By the end of the first year, the Credit Union had 267 members with shares of $3,915, loans of $3,812 and total cash of $23.18 on deposit in the bank.
As the national economy began to prosper, providing increased amounts of affordable consumer goods and a higher standard of living, consumers found the credit union to be an economical, attractive solution to many of their financial needs. They came to recognize the ideals and methods of the Credit Union Movement as a way to address their needs through cooperation, self-help and democratic control. As a not-for-profit organization, the Credit Unions represented an economical, attractive solution to many of their financial needs.
Since 1949, Security Credit Union has grown at a steady pace. During the late 1970s, Security expanded its field of membership, helping to strengthen and diversify the Credit Union against economic hard times and provide beneficial growth to the organization. Security Credit Union also added many different companies and organizations to its member roster.
In the spring of 2002, Security Credit Union was approved as a Community Chartered Credit Union, expanding membership to anyone who lives, works, worships, attends school or volunteers in Genesee County and most of Saginaw County. And in 2007, membership was expanded further to add Lapeer County, Shiawassee County, and Deerfield Township and Tyrone Township in Livingston County.
On October 1, 2008, Security and Lapeer County Community Credit Union joined forces in a strategic merger that combined the two credit unions. The result was an even better credit union for our members. Combining two strong, healthy credit unions resulted in many benefits for both memberships and positioned the Credit Union well for the future.
On September 6, 2013, Security Credit Union acquired Craftsman Credit Union. Just like Security Credit Union, Craftsman Credit Union had a rich automotive-based heritage. While Security was founded in 1949 as Buick’s credit union, Craftsman was founded in 1947 as the Cadillac Credit Union. With the acquisition of Craftsman Credit Union, the field of membership was expanded further to add all of Livingston County, Macomb County, Oakland County, Saginaw County, Washtenaw County and Wayne County.
Funds at Security Credit Union are federally insured up to $250,000 and IRAs are insured up to $250,000 by the National Credit Union Share Insurance Fund. It's administered by the National Credit Union Administration and backed by the full faith and credit of the United States. Security Credit Union is an Equal Housing Lender.