Who We Are

In a digital age, it’s hard to find a banking solution that gives you the best bang for your buck AND provides top-notch personal service. That is, unless you come to a credit union. We’re different from other financial institutions (which benefits YOU!), and here’s how:

Not-for-Profit. Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to rake in a profit. Unlike most other financial institutions, credit unions don’t issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members (that’s you!) in the form of lower loan rates, higher interest on deposits, and lower fees.

Taxation. Credit unions do pay taxes: payroll taxes, sales taxes, and property taxes. However, Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act, which states:

"Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means."

Ownership. Credit unions operate as economic democracies. Each credit union ember has equal ownership and one vote, regardless of how much money they have on deposit. When you open an account at a credit union, you get a two-for-one deal: you’re automatically both a member AND an owner of the financial institution!

Volunteer Boards. Each credit union is governed by a board of directors, elected by and from the credit union's membership. Board members serve voluntarily. Every year, members get to vote on their board members during our Annual Membership Meeting (held in the spring; check our Upcoming Events page for updates when the time rolls around!)

Membership Eligibility. By current federal statute, credit unions cannot serve the general public. Members qualify for credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union. SPC Credit Union serves anyone who lives, works, or attends school in Darlington, Florence, Marlboro, or Chesterfield counties.

Financial Education for Members. We’re not just here to hold onto your money. We’re here to provide guidance and resources to help you become more financially savvy so that you have the education and skills to manage your money well–not the other way around. Our financial education starts at the source with our in-house Certified Credit Union Financial Counselors and then seeps out into the community through a variety of financial literacy workshops, tutorials, and activities for groups of all ages.

Social Purpose: All credit unions share a motto of “People Helping People” because our existence boils down to opportunities we have to help YOU, not to make a profit. Here at SPC, we’ve taken that to the next level with our mission of “Members First. Always.” This mission serves as a daily reminder that the people who walk through our doors are the same people who keep them open. Additionally, we take advantage of countless opportunities that come our way to serve in our local communities outside of the financial realm–whether that’s dishing up hot meals at the local soup kitchen or participating in civic and community events!

Members First. Always. SPC’s mission puts you as priority #1. When we make decisions and put plans into action, we’re ALWAYS using this mission to keep ourselves in check so that you receive the best service, opportunities, and resources we have to offer.

Empower. Impact. Enrich. Our Vision is WHY we serve. Here’s the scoop on our NEW to 2024 Vision: EMPOWER: We strive to empower Members, both internally & externally, with knowledge & tools they need to be financially healthy and meet the needs of their family & community. IMPACT: We strive to make a positive impact on the lives of individuals, families, community partners, & the greater credit union community. ENRICH: Through empowerment & impact, our goal is to help our Members and communities prosper, creating a better financial future for all.

Compassion. Connection. Community. We refer to our values as “The 3 Cs” for short. You’ll see these values in action everywhere you see SPC: from the decisions we make in the lending center to the outreach efforts we participate in within our local communities. Come in today and experience The 3 Cs for yourself!

SPC Credit Union’s history dates back to November 1941, when, at the request of James and Charles Coker, Sr., of Sonoco Products Company, approximately 100 Sonoco employees met to discuss the formation of a savings and loan association under the Federal Credit Union Act. The goal? To provide a means by which employees of Sonoco could save, borrow, and eventually purchase their homes.

Once the idea was set into motion, Sonoco Credit Union was organized under a federal charter the same year with start-up money provided by Sonoco Products Company–headquartered in Hartsville, South Carolina. In 1961, the credit union reorganized under a State of South Carolina charter and remained a division of Sonoco until 1988, when the name of the credit union was changed to SPC Cooperative Credit Union. The following year, SPC began to operate independently of Sonoco Products Company.

Then, in 2004, SPC expanded its charter to provide financial services to anyone who lives, works, or attends school in Darlington, Florence, and Marlboro Counties. In March 2010, the credit union officially changed its name to SPC Credit Union.

Twelve years later, SPC opened up its Field of Membership to yet another neighboring community: Chesterfield County. In addition, the credit union was approved as a Community Development Financial Institution the same year. More on that here.

More recently, SPC announced an exciting brand “refresh” that gives new meaning to the acronym “SPC.” In July of 2023, the credit union unveiled SPC: Safe. Personal. Connected. These words have defined SPC for decades. Now, they’re an official part of the credit union’s brand!

What began in 1941 with an initial membership of slightly over 100 individuals has now grown to serve thousands of members throughout Darlington, Florence, Marlboro, & Chesterfield counties. SPC has been rated one of the nation’s strongest credit unions for more than 20 years. It’s our goal to keep this streak alive by ensuring that ALL of our members–from Kids’ Club to Prime Checking participants–continue to enjoy the benefits of membership at SPC Credit Union!

Cares2Share is our employee-led internal fundraising committee. Yep, that’s right! We’re a not-for-profit, remember?! This all-star team is tasked with the sole purpose of helping local non-profits by coordinating volunteer efforts, planning internal and external fundraisers, & responding to community requests for support. Our 2023 beneficiaries included Care House of the Pee Dee, McLeod Foundation, Lighthouse Ministries, House of Hope, Trent Hill Center for Children & Families, Boys & Girls Club of the Pee Dee, Pee Dee Coalition, several local United Ways, Darlington County Habitat for Humanity, & our local Humane Societies, among other organizations!