The Carlsbad School Employees Credit Union was chartered October 7, 1954 as a state chartered credit union. Two Carlsbad teachers, Mr. N.E. Clark and Mr. Don Stuart, were the persons responsible for the formation of the credit union. They saw a financial need within the education community and established the credit union. There were nine original charter members and the credit union was off the ground and running with $300 in assets. The original field of membership was:
Employees of the Carlsbad City Schools, Carlsbad, New Mexico; employees of this credit union; members of the immediate families of such persons; and organizations of such persons.
Shares had a par value of $5 per share and each member had to subscribe to one share. A five member Board of Directors was formed, along with a Supervisory and Credit Committee.
By 1960, there were eight credit unions in active operation in Carlsbad. Together they had total membership of 3,828 with a combined savings of $1,668,382. These credit unions began meeting bi-monthly as a chapter to exchange ideas and operating procedures. The Carlsbad School Employees Credit Union now had 380 of its own members, with total assets of $220,000. Members who left the field of membership could retain his membership with the credit union but could not borrow in excess of his savings.
As of July 31, 2003, the credit union had $10.2 million in assets, 1,900 members and still serving the education community. In 2004, "anyone affiliated with nuclear waste disposal" was added to our eligible field of membership. Shares are still valued at $5, but now each member must subscribe to 5 shares. The philosophy remains “Once a member, always a member”; however, members leaving the field of membership, but retaining their credit union membership, remain eligible for all services and products.
The credit union celebrated 50 years of service to the membership on October 7, 2004. We are still the “Carlsbad School Employees Credit Union” serving the field of education and nuclear waste disposal under our original state charter.
In June, 2007 the credit union changed the name from Carlsbad School Employees Credit Union to Financial Security Credit Union due to the increased membership groups served. A new 5,000 sq. ft. home office building was constructed on Pierce Street to accomodate the increased membership and services offered.
In May, 2010, Financial Security Credit Union opened it's doors to the healthcare community. The credit union continues to grow; now proudly serving over 3,000 members, with $25 million in assets.
Effective July, 2013, Financial Security Credit Union began serving all those living and/or working within Eddy County, New Mexico. Assets have grown to over $30 million and membership number continue to increase. FSCU remains very sound and financially strong.
On July 23, 2014, we opened our south branch location: 2603 South Canal Street. This facility is a full service branch, providing our members with all the products and services available through FSCU. The 2,500 sq. ft. building will also feature new Saturday hours (9am-12p). As our community grows, Financial Security Credit Union is in tune with helping our members thrive and grow.