Palmetto Citizens Federal Credit Union (Company)

Palmetto Citizens Federal Credit Union, formerly known as Columbia (SC) Teachers FCU, was organized and issued a federal charter on June 4, 1936. Ten individuals each deposited $5.00 to begin the credit union which only served the employees of Columbia Public Schools. In 2001, the National Credit Union Administration (NCUA), an agency of the federal government that oversees all federally chartered credit unions, gave approval for us to become a community based credit union and officially became Palmetto Citizens. We were the first credit union in South Carolina to be granted a multi-county community charter. Today, Palmetto Citizens is one of South Carolina's larger credit unions, serving over 73,000 members with assets of over $1 billion.

As a credit union, we’re a not-for-profit financial institution. That means we, unlike banks, do not have to pay earnings to stockholders. Instead, we return profits back to our member-owners as lower loan rates, higher savings rates and fewer fees. When you borrow and save with Palmetto Citizens, you are also keeping your money locally. That means we’re able to assist more of your neighbors, area small businesses and local charitable causes. Funds deposited in our credit union are federally insured by a fund backed by the full faith and credit of the U.S. government. As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings of at least up to $250,000 per account. The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government.