Our History

The story behind your local credit union.

The strength of yesterday. The promise of tomorrow.

As the United States prepared for World War II, Bronco Federal Credit Union was chartered in July of 1941 at the Chesapeake-Camp Corporation, for the workers in the papermill in Franklin. During those early years, with a limited member base, we only offered share accounts and limited loan products.

With no call for expanded services, growth of the credit union was modest for many years. Banks, thrifts, broker-dealers and insurance companies provided all other products and services and reasonable rates. However, by 1968, Bronco had 1,848 members and $2 million in assets.

Then things really started to take off. First, family members were invited to join in the 1970s and membership surged. Next, financial services began to change dramatically in the 1980s, and Bronco stepped up to the challenge with a number of new products, including Visa® Credit Cards and mortgages. By 1991, membership had grown to 6,872 and Bronco had $46 million in assets. At that time, the decision was made to become a primary financial institution to our membership, opening a full array of services.

In 1999, Bronco went through some dramatic changes. When International Paper bought out the mill in Franklin, they cut ties with the credit union. Our Board of Directors changed our field of membership (opening up who could join us), and invited city employees, hospital staff, manufacturing companies and local business workers to become members. We also introduced checking accounts to our mix of products and services in 1999.

Then came the flood. In the aftermath of Hurricane Floyd which occurred on a weekend in September of 1999, downtown Franklin was submerged under 12 feet of water from the overflowing Blackwater River. The following Monday morning, Bronco was the first financial institution to open its doors, providing much needed and appreciated resources for our members and the community as a whole. 

And the community noticed. When our flooded downtown main office was rebuilt “on the hill,” it was a happy day. In 2006, when we expanded our field of membership again with a community charter and introduced a new logo and our “Welcome home” tagline, we saw a huge increase in the number of members. In fact, we grew from 12,000 to 20,000 members in just two years, thanks to a community charter. This diversified membership allowed Bronco to weather the storm of the Great Recession.

The Great Recession of 2008 had a significant impact on the entire financial services industry. The impact on Bronco was significant, but not the only negative impact. First, the Great Recession saw a major adjustment to the stock market and the real estate market. Our members, like the rest of the country, saw their investments, 401Ks, etc. drop 30%-40%. Real estate values plummeted. Businesses cut back on their workforce. In 2009, International Paper announced the closing of the local paper mill. This affected the lives of 1,000 employees. The unemployment rate in the Franklin-Southampton area rose to 12%.

The decisions that Bronco Federal Credit Union made starting in the late 1990’s definitely helped the credit union navigate through these tough times. Bronco started changing its field of membership to include not only the employees of the paper mill and their families, but Select Employee Groups.

In 2009, with the downturn in the economy, the mill—the largest employer in the area—closed, laying off 1,200 employees. While this initially resulted in a pretty severe impact to our community and the credit union, it ultimately gave us the opportunity to streamline, focusing on the changing needs of our members and what was truly important to them.

After the Great Recession, Bronco grew in a carefully managed fashion until 2020. Then, another economic storm hit not only our country, but the world. COVID-19, or the pandemic, spread quickly and affected the way we lived for 3 years. The government intervened swiftly with various declarations of emergency. Travel was limited. Social distancing measures and workplace hazard controls were implemented. Businesses faced difficult decisions in order to survive. Many people lost their jobs. The impact of the pandemic had a major impact on Bronco and our members. Again, facing this unique challenge, Bronco weathered the storm of the pandemic while working with our membership during the challenges that they faced. By the end of the pandemic, Bronco was positioned to become stronger.

Bronco has a bright past and an even brighter future, driven by our goal to be your lifetime financial partner. We will continue to grow in a carefully managed fashion so we can all thrive in the trusted relationship we have fostered over the years. We will continue to work hard to earn your business by constantly evaluating the products and services we offer to ensure you have the best possible solutions to your financial needs.

Today, as we reflect back on our 80-plus-year history and all that has happened to bring us to this point, and we’re still so proud to offer a financial experience that is personalized and inviting. It’s why we say, “Welcome home.”