CSE History

CSE Federal Credit Union was established on December 7,1943, when the Federal Deposit Insurance Corporation, in accordance with the Federal Credit Union Act, granted the charter. The field of membership was comprised of the employees of Cities Service Refining Corporation, the employees of CSE Federal Credit Union, and members of their immediate families.

At the first official board meeting on January 4, 1944, a loan limit of $100 (secured or unsecured) and a $500 maximum share (individual or joint) were established. At the end of 1944, the totals were 201 members with share deposits of $1,854 and loans outstanding of $1,180.

1945 saw moderate participation as only twenty-one new members were added. Total share deposits were $1,695 and total loans were $1,365 by the end of the year.

In 1946, the share limit was raised to $500 for a single account, $1,000 for a joint account, and $250 for a minor account. The end of 1946 saw 375 members, share deposits of $3,785, and loans of $3,470. The credit union was beginning to gain momentum to grow.

In 1947, the individual share limit was raised to $750 for single accounts, and the loan limit was increased to 10 percent of paid-in capital. Payroll deduction was started. Since both loan and share totals had reached $10,000, the first dividend of 4 percent was paid to the shareholders.

From 1948 through 1951, all credit union business was conducted from Dick and Mary Freeman's home. Dividends for 1948 amounted to 6 percent.

In 1949, the share limit was increased to $2,500 per adult and $1,000 per minor. The field of membership section of the by-laws was amended to include employees of CIT-CON Oil Corporation. A dividend of 4 percent was paid for the year.

In 1951, the operations moved from the Freeman's home to a basement office in th Change House at the Cities Service Refinery where it remained until 1961.

In 1957, CSE Federal Credit Union reached its first $1 million in assets and shares, after 14 years of operation. The share limit was raised to $10,000 plus accumulated dividends in 1958. In that same year, the by-laws were amended to include Petroleum Chemicals Incorporated into the field of membership.

In. 1959, the credit union reached $2 million assets, paid semi-annual dividends for the first time, and raised the unsecured limit to $750 for 36 months.

In 1960, membership increased to 3,000 members, land was purchased on Cities Service Highway for a new office building, stock was approved as acceptable collateral on loans, and real estate loans were  granted to members, with the credit union paying the appraisal and updated abstract.

In 1961, the new office building on Cities Service Highway was completed and occupied. Also that year, the board approved a 5 percent interest refund for the first time.

In 1962, CSE began furnishing credit life insurance up to $10,000 on all loans free of charge to members.

In 1966, a monthly newsletter, "Money Talks," was begun. Also, participation in student loan programs began the same year.

In 1967, a no-charge travelers' checks program was started, all insurance coverage was changed to CUNA Mutual Insurance, membership in the credit union was extended to retirees of the companies within the field of membership.

In 1968, CSE's twenty-fifth anniversary was celebrated at year-end with total membership of 3494 and assets of over $4 million. At the end of the first twenty-five years of operation, the credit union had granted over $35 million in loans. The unsecured loan limit was increased to $2,500.

Another milestone was reached in 1971 when the assets of the credit union surpassed $5 million.

In 1974, the by-laws were amended to define "members of immediate family" as all relatives by blood or marriage living under the same roof and in the same household as the member/employee of  a sponsoring company.

In 1975, a dividend of 6 percent on deposits was paid, and 20 percent on paid-in loan interest was returned to the members.

Loans-to-share ratio reached its highest peak of 98 percent in 1979. Certificates of deposit were instituted. The deposit limit for shares was increased to $100,000.

In 1982, discussions began with CIT-CON Employees Credit Union to determine the feasibility of merging with CSE Federal Credit Union. After the negotiation, a plan was approved by the NCUA and by the Louisiana State Department of Banking allowing the two to merge effective January 1, 1983.

Also in 1982, the NCUA revised the regulations governing credit unions and allowed companies that did not have credit union services to be added to the field of membership of existing credit unions. Several were added to CSE's field of membership strengthening the credit union and allowing it to weather any layoffs, strikes, and economic downturns that might occur.

In 1991, during the Gulf War, the credit union suspended interest collections on all loans to servicemen who were called back for active duty.

As the membership, deposits, and services increased, the need for a new facility to accommodate that growth appeared. In 1992, land was purchased from Citgo on Swisco Road in Sulphur, and a new building, costing $1.8 million, was planned. Construction began in 1993.

1994 was a landmark year for the credit union. The new building on Swisco Road was occupied on September 1st. After fifty years of operation, the credit union reached $100 million in assets and increased the membership to over 14,000 members.

During 1995, the old CSE office site was sold to St. Patrick's Hospital, and the maximum share deposit was increased to 1/2 of 1 percent of credit union assets.

By 1997, CSE had grown to $116.5 million in assets with a membership in excess of 16,000. The by-laws of the credit union were upgraded and approved by the board of directors. A program to issue ATM cards to members in order to give the membership access to cash was begun. The year ended with assets of $122.2 million and 17,640 members.

In November of 2000, the credit union's membership went over 20,000 members.

In April of 2001, loans outstanding went over $100 million for the first time in the credit union's history.

As of December 31, 2002, CSE Federal Credit Union has assets over $171 million and over 22,000 members.

Constantly keeping up with the latest technology, CSE upgraded their website February 27, 2007.

Thanks to eleven visionary subscribers who started the credit union in 1943 and who had the courage to continue the operation in 1945 in the face of adversity, CSE has become a viable, member-orientated financial institution that is the fifth largest credit union in Louisiana.