The History of Carter Federal Credit Union

Carter Federal’s beginnings date back to1954, when Floyd Carter chartered the credit union to serve the employees of International Paper Company in Springhill, Louisiana. As paymaster of International Paper, Floyd Carter witnessed predatory lending practices within his own workplace, and made a commitment to seek a safe way for employees to borrow and save money. Mr. Carter was a true credit union pioneer. His mission was to form a financial cooperative based on the premise of “people helping people”. Carter Federal Credit Union was chartered for the purpose of improving the financial well being of its members. This tradition continues today, many years after Mr. Carter’s pioneering efforts. Carter Federal Credit Union is unique among credit unions in the United States as it continues to carry the name of its founder.

Carter Federal continued to operate on site at International Paper until 1979 when the paper mill closed. Moving to a new location was the beginning of a new period of growth for the Credit Union. The 1980’s were marked by expansion and increasing operations. New locations in Shreveport, Mansfield, and Monroe, Louisiana were opened by acquisition of other credit unions through merger. In 1989, three major companies in Magnolia, Arkansas joined the field of membership and a fifth office was opened in Magnolia.

In 2000 the Credit Union added another office in Minden, Louisiana. In 2001, the field of membership grew to include anyone who lives, works, worships, or goes to school in the Parishes of Bienville, Claiborne, DeSoto, Red River, Webster, Caddo, and Bossier and the counties of Columbia and Lafayette in Arkansas. In 2004 the Bayou Walk branch was opened in Shreveport, and most recently another location was opened in Haughton, Louisiana.

By 2005 the credit union industry was faced with unprecedented challenges as the national unemployment rate reached record highs. Another milestone in the Credit Union’s history occurred that year when the Board of Directors recruited James P. Gibson to become President and CEO. Under his leadership, Carter Federal has continued its tradition of service to its members, and has experienced tremendous growth, doubling its asset size in only five years.

Currently, Carter Federal Credit Union operates seven locations, an Operations Center, an Administration Service Center, a virtual Call Center and eight full service ATMs. It is a shareholder and participant in the Credit Union Service Center Network. This expands the availability of teller service for its members across the United States, and included hundreds of locations.

Now over 27,000 members strong with assets topping $200 million, Carter Federal stands proud of its growth and accomplishments and remains dedicated to the mission of improving the well being of its members.