Our History

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The strength of yesterday. The promise of tomorrow.
In July of 1941, as the country prepared for war, Bronco Federal Credit Union was chartered for the Chesapeake-Camp Corporation. During these early years, with a limited member base, only share accounts and limited loans were available.

Growth of the credit union was modest for years, as there was no call for expanded services. Banks, thrifts, broker-dealers and insurance companies provided all other products and services at reasonable prices. By 1968, Bronco had just 1,848 members and $2 million in assets.

Then things started to happen. First, family members were invited to join in the 1970s, so our membership surged. Then, financial services began to change dramatically in the 1980s, and Bronco added a number of new products, such as Visa^® Credit Cards and mortgages. By 1991, membership was 6,872 and assets were $46 million. The decision was made to become a primary financial institution to our membership, and this commitment meant offering a full array of services.

In 1999, we went through 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, inviting city employees, hospital staff, manufacturing companies and local business workers to join us. 1999 was also the year we introduced checking accounts to our mix of products and services.

And 1999 was the year of the flood. In the aftermath of Hurricane Floyd that September weekend, downtown Franklin was submerged under 12 feet of water from the overflowing Blackwater River. Monday morning, the very first financial institution to open its doors was Bronco, providing much needed and appreciated resources for our members and the community at large.

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.

In 2009, with the downturn in the economy, the mill—the biggest 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, frankly, it has ultimately given us the opportunity to streamline, focusing on the changing needs of our members and what’s truly important to them.

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

A Side Note: The Difference Between Credit Unions And Banks
Credit unions are not-for-profit, cooperative financial institutions that exist to serve the financial needs of their members. When you join a credit union, you actually become an owner, participating in a unique system of mutual benefits. Members' deposits are used to fund other members' loans, and earnings are used to reduce loan rates and to improve service for everyone.

Unlike banks, where profits are turned over to shareholders and the bottom line is money, a credit union is responsive to its members' needs and ideas. Each member has a voice in selecting the Board of Directors, and members' suggestions and ideas are always welcome.

The credit union motto of "People Helping People" is evident everywhere at Bronco Federal Credit Union, as we work together to help each member attain their financial goals. We look forward to helping you as we all benefit from our combined ownership.