Question 1

What is Southern Council Credit Union (SCCU)?

Accepted Answer

Southern Council Credit Union (SCCU), formally known as UBC Southern Council of Industrial Workers Federal Credit Union, is a small federal credit union serving members of the United Brotherhood of Carpenters (UBC) Southern Council and their families. Based in Minden, Louisiana, the credit union operates with approximately $808,522 in total assets and serves 345 members.

SCCU specializes in providing financial services to industrial workers, specifically those affiliated with the carpenters union in the southern region, embodying the cooperative principles that define the credit union movement.

Question 2

When was Southern Council Credit Union (SCCU) founded?

Accepted Answer

While the specific founding date of Southern Council Credit Union is not publicly available, the credit union was established to serve members of the United Brotherhood of Carpenters Southern Council. The UBC itself was founded in 1881 when 36 carpenters from 11 U.S. cities united to form a union for carpenters.

The credit union was created to fulfill the financial needs of union members and their families, providing a source of credit and promoting thrift among industrial workers in the southern region. This aligns with the broader labor credit union movement that emerged to serve workers who often faced difficulties accessing traditional banking services.

Question 3

Where is Southern Council Credit Union (SCCU) headquartered?

Accepted Answer

Southern Council Credit Union is headquartered in Minden, Louisiana. The credit union's mailing address is PO Box 1397, Minden, LA 71058.

The physical address is located at 111 S Monroe Street, Minden, Louisiana. Minden is the parish seat of Webster Parish in northwestern Louisiana, providing a central location for serving union members in the region.

Question 4

Where does Southern Council Credit Union (SCCU) operate?

Accepted Answer

Southern Council Credit Union primarily operates in Louisiana, serving members of the United Brotherhood of Carpenters Southern Council. The credit union's field of membership is restricted to individuals who are members of the UBC Southern Council and their immediate family members.

As a labor union credit union, SCCU's service area is defined by union affiliation rather than geographic boundaries alone. Members must have a connection to the carpenters union or be related to current members to be eligible for membership.

Question 5

What services does Southern Council Credit Union (SCCU) offer?

Accepted Answer

Southern Council Credit Union offers fundamental financial services to its members, including:

Savings Accounts: Share savings accounts that allow members to build their savings and earn dividends.

Loans: Various loan products including personal loans and consumer credit options designed to meet the needs of working families. With total loans of $526,430, the credit union maintains an active lending program for its members.

Basic Banking Services: Deposit accounts and transaction services to help members manage their day-to-day finances.

As a small credit union with limited assets, SCCU focuses on core financial services rather than extensive digital banking platforms or wealth management offerings. Members can contact the credit union by phone at (318) 377-5802 for personalized service.

Question 6

What makes Southern Council Credit Union (SCCU) unique?

Accepted Answer

Southern Council Credit Union's uniqueness lies in its deep connection to the labor union movement and its specialized focus on serving carpenters and industrial workers. Several distinctive features include:

Labor Union Heritage: As a credit union serving the United Brotherhood of Carpenters, SCCU carries forward the cooperative principles that both credit unions and labor unions share—working together for mutual benefit and economic justice.

Strong Capitalization: With a net worth ratio of 37.65%, SCCU maintains exceptionally strong capital reserves, well above regulatory requirements. This provides significant stability and protection for members' deposits.

Personalized Service: As a small credit union with 345 members, SCCU can provide highly personalized attention to each member's financial needs. This creates a close-knit community where members know the staff and receive individualized service.

Low-Income Designation: SCCU holds a low-income designation from the NCUA, reflecting its commitment to serving working-class families and ensuring access to financial services for those who need them most.

Question 7

What type of financial institution is Southern Council Credit Union (SCCU)?

Accepted Answer

Southern Council Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). The credit union operates under Charter Number 22219 and is organized as a member-owned financial cooperative.

As a federal credit union, SCCU is governed by the Federal Credit Union Act and provides members with federally insured deposits up to $250,000 through the National Credit Union Share Insurance Fund (NCUSIF). The cooperative structure means that members are also owners, with each member having an equal vote in credit union governance regardless of their account balance.

Membership is restricted to individuals affiliated with the United Brotherhood of Carpenters Southern Council and their immediate family members. This occupational common bond ensures that the credit union serves a specific community with shared interests and needs related to the construction and industrial trades.

Southern Council Credit Union (SCCU)

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About Southern Council Credit Union (SCCU) in the United States