Our History

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Cone Mills Greensboro Federal Credit Union Formed

September 20, 1963

The charter of Cone Mills Greensboro Federal Credit Union was signed on September 20, 1963 and was approved by the Bureau of Federal Credit Unions on October 4, 1963. The credit union began functioning on January 1, 1964. The purpose of the credit union was to provide a systematic way for employees to save money and to obtain loans at reasonable rates. Employees were able to have money deducted directly from their paycheck and deposited into the credit union for savings and loan repayment.

It was the cooperative spirit of the Cone Mills employees that built a financial institution dedicated to helping them when they needed it most. The credit union philosophy of People Helping People was embraced from the very first day of operation.

The 1970s brought about easier and more convenient access to the credit union. With additional employees and extended hours, we were able to provide a higher level of service to the members. The move to Fairview Shopping Center in early 1974, brought pleasant surroundings, more privacy for the transactions and a significant reduction in wait time. The credit union experienced membership growth as a result of the move.

Throughout the 70s, the credit union continued to promote the importance of saving and the responsibility that goes along with borrowing. Newsletter articles provided helpful advice regarding personal financial matters.

Cone Mills Greensboro Federal Credit Union received the “Thrift Honor Award” by the National Credit Union Administration. This award was presented to credit unions who ranked in the top ten percent in the nation for overall savings growth.

1980s were a time of change for the credit union. On January 1, 1982, the merger of Cone Mills Greensboro Federal Credit Union with the ten individual plant credit unions became effective. Having combined these operations together, we introduced our new name and logo – Cone Federal Credit Union.

1989, the Board of Directors voted and the National Credit Union Administration approved to change our name to Premier Federal Credit Union. This change facilitated our effort to expand our field of membership and add other groups to our credit union family. The potential of further expansion gave us the opportunity to help more people and to strengthen our organization through growth. As a result, we were able to offer a wider variety of services that would meet the needs of our current and future membership.

Our growth continued through the 1990s, 2000s, and beyond. Today we are proud to serve over 500 local companies and organizations across the Carolinas.

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