Organized on October 20, 1934 after the enactment of the Federal Credit Union Act as Federal Charter Number 13, the Stanocola Processing Employees Federal Credit Union was the forerunner to the present E Federal Credit Union. Standard Oil Company of Louisiana was the prime sponsor company of the organization, which saw twelve different credit unions chartered to serve their employees in various departments. Stanocola Mechanical Employees Federal Credit Union was also chartered in 1934. The two merged in 1949 to form Stanocola Processing and Mechanical Employees Federal Credit Union retaining Charter Number 13. The Credit Union began business involvement 1934, with total assets of $941.70 and 178 members.
Over the years, the number of credit unions serving the company in Baton Rouge dwindled to two. E Federal Credit Union, which primarily served the hourly employees, and EXCO Federal Credit Union, which primarily served the salaried employees. The two credit unions coexisted with a total overlap of membership until 2003. E Federal Credit Union (EFCU) underwent several name changes to blend in with the sponsor company.
On January 31, 2003, Exco Federal Credit Union merged into E Federal Credit Union's family making this merger the largest credit union merger in Louisiana history. These two strong credit unions, united into one were able to build a stronger and more efficient Credit Union for its members with total assets of $150 million and over 20,000 members.
Annually, the credit union's membership elects individuals who have agreed to serve designated terms as members of the Board Of Directors. It is these fellow members of your credit union who exercise general control of the credit unions activities for the benefit of the entire membership. The Management and Staff work closely with the Board of Directors to carry out the policies and procedures of the credit union.
Since 1934, E Federal Credit Union has been helping members save money and obtain credit by offering high quality financial programs and services. As a non-profit, member-owned financial organization, earnings from loans and investments are returned to the members in the form of dividends and services
Your credit union is dedicated to providing you with a full range of quality, convenient financial services at competitive rates.
We will continue to try to recognize your needs and respond to them.
To begin receiving the benefits of credit union membership, come by one of our branches and fill out a membership card and deposit $50 into a (share) savings account. Once a member, you are always a member as long as you keep your savings account open.
