Chartered in January 1962 West Florida Central Credit Union was established for other credit union employees and officials in the West Florida Area.
Credit Unions are financial cooperatives - meaning we (members) pool our money (savings) to loan to our fellow members. Our loan rates must provide the income to pay dividends on the savings AND expenses of the credit union. Now our fees and earnings on investments also supplement our income.
In 1969 the State of Florida approved the addition of other liquidating credit unions or SEGS (Small Employee Groups) that were unable to support themselves or develop their own credit union. We were able to merge credit unions such as: Sacred Heart Employees Credit Union, Enlisted Men's Credit Union, Borden's Dairy Credit Union, Automobile Dealers Credit Union, SPC Credit Union, Westinghouse, Community Mental Health (Lakeview) and Armstrong World Industries. During the next 5 years the credit union grew rapidly merging other credit unions and offering more services.
In 1978 the central for the Jacksonville area - Jacksonville Central Credit Union was merged with us West Florida Central doubling the credit union in size overnight. To represent the entire area we changed the name to Central Credit Union of Florida and maintained a branch in the Jacksonville area.
During the 80's and 90's there was an explosion of financial services offered by credit unions.....checking accounts, line of credit....IRA....ATM.....We were one of the first credit unions to offer open end credit, home equity loans and credit cards. We opened our third branch in the east Pensacola area.
June 1982 the state of Florida wanted to start a Community Credit Union which would give people the opportunity to join a credit union without having a common bond (such as an employer). Allowing people to join a community credit union if they resided within 100 miles of the credit union. Central Credit Union was made the first Community Credit Union in the state of Florida.
Because of these changes to the Florida Statutes our field of membership broadened to include anyone living or working in Escambia, Santa Rosa, Okaloosa and Duval Counties. This gave us the opportunity to serve the north area of Escambia County.
Because we are not a closed field of membership we do not have a business or company to support us...such as Monsanto supported their credit union with free rent....electricity or just funds to operate....Pen Air supported by government. Gulf Power for Gulf Power Credit Union. We have to support ourselves so to speak.
During the late 90's the credit union made the decision we wanted to be a credit union for all people and stick with the philosophy of what a credit union really is....people helping people. We specialize in 'one member at a time' considering all their financial needs, not joining the masses. We want to give the personal service that will go beyond their expectations.
In 2006 we were the first northwest Florida credit union to join the Shared Branching Network which allows our member's access to their accounts at over 3,000 branches worldwide. This also enables non-members to use our credit union to access their accounts at other credit unions on the network.
As Central continued to grow an opportunity to join two credit unions with the same philosophy appeared. Central Credit Union of Florida acquired Endeavor Federal Credit Union (formerly Telco of Florida Credit Union). Which again doubled the credit union size bringing our assets to over $100 million and our membership over 13,000.
Credit Unions are unique....unlike Banks our Board of Directors are not paid they are volunteers elected by the membership setting the policies for the credit union.
We are a state chartered federally insured credit union. Meaning we not only abide by the state of Florida Statutes but also federal regulations for financial institutions (NCUA). We are a very safe and sound institution.
Central Credit Union of Florida continues to have the dedicated Board of Directors and staff that maintains the mission statement of this credit union past, present and future...."We will serve the needs of our members beyond their expectations".