State Employees’ Credit Union Pays Tribute to North Carolina’s Cooperative History with the Purchase of First NC Credit Union S

RALEIGH, N.C.--(allCUnews)--State Employees’ Credit Union (SECU) is purchasing land for a new branch building at the historic Lowe’s Grove Rural Credit Union site in Durham, North Carolina. Branch construction is set to begin this summer. SECU chose this location for its rich history and significance to the credit union movement --- a move that will bring SECU back to the original credit union roots in North Carolina! Lowe’s Grove Rural Credit Union, which opened for business on January 20, 1916, was the first rural credit union in the South.

Durham banker John Sprunt Hill was the guiding force behind a bill passed by the legislature in 1915 to authorize the charter of Lowe’s Grove Rural Credit Union. Mr. Hill had studied the credit cooperative concept in Europe as part of a commission appointed by President Woodrow Wilson and saw the value it would be to the agriculture community in North Carolina. Through his initiative, a meeting was called at the farm life school at Lowe’s Grove in December of 1915 and the Credit Union opened for business the following month. A North Carolina Highway Historical Marker, dedicated on December 12, 1999, currently identifies the credit union site. The late Tom Ellis, a long-time SECU Advisory Board member and strong credit union advocate, was an instrumental part of the group responsible for the Lowe’s Grove Highway Historical Marker, serving as the liaison between SECU and the Lowe’s Grove Historical Marker Committee. The two groups joined forces to bring focus to the historical credit union landmark.

SECU member and Lowe’s Grove resident Gus Godwin served as the Chairman of the Lowe’s Grove Historical Marker Committee. Regarding SECU’s land purchase, he comments, “We are very excited that the Credit Union has selected this parcel of land to build a new branch. It is a wonderful tribute honoring the importance this area holds for the credit union movement in North Carolina.”

Shirley Bell, Chairman of SECU’s Board of Directors adds, “SECU has been looking to purchase land in the Lowe’s Grove area for quite some time and we are thrilled that this property became available. The Lowe’s Grove Rural Credit Union site is a historical landmark for the community and SECU is honored to carry on the credit union tradition that began in Durham 93 years ago.”

About SECU

SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for over 70 years. Currently serving 1.5 million members, SECU provides services through 224 branch offices, over 1,000 ATMs, 24/7 call centers and a website—www.ncsecu.org.
Contacts

Education Services, SECU
Leigh Brady, Senior Vice President
Phone: 919-807-8344, Mobile: 919-327-8869
leigh.brady@ncsecu.org