Question 1

What is Brookland Federal Credit Union (Brookland FCU)?

Accepted Answer

Brookland Federal Credit Union (Brookland FCU) is a faith-based federal credit union located in West Columbia, South Carolina. As a not-for-profit financial cooperative, it serves members of Brookland Baptist Church and their immediate family members. With approximately $5.4 million in assets and over 1,200 members, Brookland FCU operates as a community-focused institution dedicated to serving the financial needs of its church community.

The credit union is classified as an associational, religious-based credit union with low-income designation, reflecting its mission to serve members through cooperative financial services.

Question 2

When was Brookland Federal Credit Union (Brookland FCU) founded?

Accepted Answer

Brookland Federal Credit Union was chartered in 1999 under charter number 24623. The credit union was established as one of the many ministries of Brookland Baptist Church, which has been led by Dr. Charles B. Jackson, Sr. since 1971.

The creation of the credit union was part of the church's broader vision for community economic empowerment and providing accessible financial services to its members. It emerged during a period of significant growth for Brookland Baptist Church, which expanded to offer over 60 ministries serving the holistic needs of its congregation.

Question 3

Where is Brookland Federal Credit Union (Brookland FCU) headquartered?

Accepted Answer

Brookland FCU is headquartered at 949 Sunset Boulevard in West Columbia, South Carolina. The credit union operates within the facilities associated with Brookland Baptist Church, which is located in the same area of West Columbia.

West Columbia is part of the greater Columbia metropolitan area in Richland and Lexington counties.

Question 4

Where does Brookland Federal Credit Union (Brookland FCU) operate?

Accepted Answer

Brookland FCU primarily serves the West Columbia and greater Columbia, South Carolina area. The credit union's field of membership is limited to members of Brookland Baptist Church and their immediate family members, which includes potential membership of approximately 5,000 individuals.

While geographically centered in the West Columbia area, membership eligibility is based on religious affiliation with Brookland Baptist Church rather than geographic boundaries. Once individuals join the credit union, they and their immediate family members maintain lifetime membership, even if they relocate or change employment.

Question 5

What services does Brookland Federal Credit Union (Brookland FCU) offer?

Accepted Answer

Brookland FCU provides a range of traditional credit union services to its members:

Savings Products: Share/savings accounts requiring a minimum opening deposit of $35, which establishes membership ownership in the credit union.

Lending Services: Consumer loans to meet various borrowing needs of members, with approximately 202 active loans totaling over $2.7 million as of recent reports.

Digital Banking: Online banking services through their website at www.brooklandfcu.org, allowing members to access their accounts remotely.

Financial Cooperative Benefits: As a member-owned cooperative, earnings above required reserves are returned to members through lower interest rates on loans and competitive dividends on savings.

Question 6

What makes Brookland Federal Credit Union (Brookland FCU) unique?

Accepted Answer

Brookland FCU distinguishes itself through several notable characteristics:

Faith-Based Mission: As an associational religious credit union, Brookland FCU operates as an extension of Brookland Baptist Church's ministry, integrating financial services with the church's broader mission of community service and empowerment.

Church Integration: The credit union is one of more than 60 ministries offered by Brookland Baptist Church, which also includes the Brookland Foundation, Brookland Center for Community Economic Change, and various community development initiatives.

Community Impact Legacy: The credit union is connected to a church with remarkable community impact—Brookland Baptist Church employs over 190 people through its various ministries and has been instrumental in neighborhood development initiatives.

Membership Model: The credit union's exclusive membership structure creates a close-knit financial community where members share common faith values and church connections, fostering a strong sense of trust and mutual support.

Strong Financial Performance: Despite its small size, Brookland FCU maintains solid financial metrics with a return on average assets of 5.83% and a net worth ratio of 11.47%, both indicating healthy financial management.

Question 7

What type of financial institution is Brookland Federal Credit Union (Brookland FCU)?

Accepted Answer

Brookland Federal Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). As a federal credit union, it operates under federal regulations and benefits from federal deposit insurance through the National Credit Union Share Insurance Fund (NCUSIF).

Cooperative Structure: Like all credit unions, Brookland FCU operates on a cooperative model where members are also shareholders and owners of the institution. Each member has equal voting rights regardless of their account balance, embodying the democratic principle of "one member, one vote."

Membership Requirements: Membership is restricted to individuals affiliated with Brookland Baptist Church and their immediate family members. To join, prospective members must complete a membership card and make an opening deposit of at least $35 to establish their share account.

Not-For-Profit Status: As a not-for-profit financial cooperative, the credit union exists solely to serve its members' financial interests rather than to generate profits for external shareholders. This structure allows the credit union to offer competitive rates and return earnings to members through lower loan rates and higher savings dividends.

Question 8

What is Brookland Baptist Church?

Accepted Answer

Understanding Brookland Baptist Church provides important context for the credit union's mission and community role. Brookland Baptist Church is one of South Carolina's fastest-growing churches, founded in West Columbia with a rich history of community service.

Under the leadership of Dr. Charles B. Jackson, Sr., who became pastor at age 18 in 1971, the church has grown exponentially over more than 50 years. The church moved into a 2,300-seat sanctuary in 1999—the same year the credit union was chartered—and opened a 68,000-square-foot Community Resource Center in 2005.

Brookland Baptist Church operates two campuses and offers comprehensive community services including a pediatric center in partnership with Eau Claire Cooperative Health Center, child development programs, and economic empowerment initiatives. The church's commitment to holistic ministry extends to financial services through Brookland Federal Credit Union, demonstrating an integrated approach to serving members' spiritual, physical, and economic needs.

Brookland Federal Credit Union (Brookland FCU)

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About Brookland Federal Credit Union (Brookland FCU) in the United States