Our Story

In November 1953 a group of railroad employees decided it was time to take a stand. Several friends and family members had been denied access to credit and other banking services for various reasons. This group of railroad employees had heard about the credit union movement. It was a movement that allowed a small group of people to pool funds together to loan out to co-workers, friends, and family who were not receiving fair treatment at their local bank. Sixty years ago, the first credit union in Florence County was formed as Florence ACL Employees Federal Credit Union, known today as Palmetto First Federal Credit Union.

Though many things have changed since that chilly fall day in 1953, the reason for the existence of the credit union remains the same. We understand that many consumers are denied access to products and services at traditional banks, or have been taken advantage of by predatory lenders. Our credit union exists today to continue to provide our friends and family in Florence County with access to safe, affordable banking products and services that will enhance the lives of those we serve.

We’re proud that thousands of Florence County residents have stories to tell about how Palmetto First has been a part of their life story over the past six decades. Each story is unique, but one thing is the same for each person:

Financial hope. And it all started with Palmetto First.

Palmetto First FCU is the longest standing Florence credit union, established in November 1953. The following railroad employees formally organized Florence ACL Employees Credit Union:

Founding Members

J. W. Mathews
W. Melvin Kirven
W. Q. Parker
A. D. Jenson
Roger C. Jordan
D. D. McRae
William D. Weeks, Jr.
J. R. Temple
John M. Butler
R. A. Myers

Founding Officers

J.C. DeVane, President
W.Q. Parker, Vice President
C.J. Cutter, Clerk, Treasurer


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