Throwback Thursday: Founding Baton Rouge Teachers FCU

Neighbors FCU was founded in 1954 as Baton Rouge Teachers Federal Credit Union by, as we like to say, a bunch of teachers with some cash in a shoebox.

Those five East Baton Rouge school teachers started with only $157.70 and a mission to

promote thrift among its members, by affording them an opportunity for accumulating their savings; and to create for them the source of credit for provident and productive purposes.

At that time, members needed to be accepted by a majority vote of the Board of Directors and there was a $0.25 membership fee. The credit union offered only savings accounts until expanding to car loans in 1957. Despite only being open to Baton Rouge teachers at the time, the credit union grew to over 600 members and over $100,000 in assets by 1960.