About Us


What’s a Credit Union?

A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

Who owns a credit union?

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn’t operate in that manner. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

How did credit unions start?

The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary’s Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

What is the purpose of a credit union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured?

Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

Who can join a credit union?

A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where they live, where they work, or their membership in a social or economic group.

Mission Statement

Mission and Vision Statement


“To consistently exceed the expectations of our members and our community by being their trusted financial partner committed to service and excellence.”


“To provide exceptional service through integrity, strength and trust.”


Being a member of a credit union has many perks. First of all, we are a non-profit organization. We are more interested in facilitating the financial needs of our members than trying to secure large returns for our company. Our members control the facets of our operation and this is one of the things that make us unique.

Membership at Carolina Federal Credit Union is available to anyone who lives, works, worships or goes to school in Gaston or Cleveland Counties, employees and qualified retirees of our sponsor companies (list of sponsor companies) and their immediate family members. We have expanded our definition of an immediate family member to include spouses, children, parents, siblings, grandparents, grandchildren and anyone living in the household of a member. Once you join the Carolina Federal Credit Union you are a member for life (“once a member, always a member”). By being a member you join a group of fellow members who share a common bond, and a common interest- making the wisest use of their money.

At most banks you are considered merely a customer, but here at the Carolina Federal Credit Union when you become a member you become an owner! Our members drive every decision we make.  At Carolina Federal Credit Union  it is our goal to provide outstanding service and convenience to all of our members.


A Monthly Newsletter for the members of Carolina Federal Credit Union

August 2020 Newsletter

Board Members

CFCU Board of Directors

Board members of Carolina Federal Credit Union serve without pay and dedicate a great deal of time to help with the direction of your credit union. These volunteers bring years of personal and professional experience to their positions as the policy-making body of the Credit Union.

Chairwoman – Patsy Stewart

Vice-Chairman – Jason Raines

President/Treasurer – Donna Beringer

Secretary – Brad Rivers

Directors: Stephen Crane, Michael Hopper, Robert Hunter, Howard Roberts


Carolina Federal Credit Union
1200 E. Church St.
Cherryville, North Carolina 28021

Carolina Federal Credit Union serves its members from a single branch, located in Cherryville, North Carolina. Since operations began in 1970, our field of membership has expanded and CFCU now serves members in approximately 49 states and Puerto Rico. Our experienced staff is dedicated to satisfying the needs of our members.

We invite you to visit our office anytime. If you would like a copy of our Regional Map or Vicinity Map, please contact us.

Don’t forget we also have shared branches.