Many people found it hard to obtain a loan during the Great Depression of the early 1930s. The employees of the United States Veterans Bureau were no exception. In 1933, Mr. W.S. Shipman, manager of the Regional office, saw employees of the Jackson office being used by local moneylenders and had the feeling that there was a better way to borrow money for less.
Mr. Shipman and a number of other employees organized and learned as much as they could about forming a credit union. They felt that through the formation of a credit union the employees would have access to low cost loans as well as a place to deposit their savings.
On March 13, 1935, a charter was signed and submitted to the Federal Security Agency, Bureau of Federal Credit Unions for approval to establish a credit union for the 100-plus employees stationed at the Jackson Mississippi Veterans Bureau. The Veterans Administration Employees (Jackson, Mississippi) Federal Credit Union was born.
Then, 32 years later, on May 1, 1967, the credit union's name was officially shortened to Jackson VA Federal Credit Union.
On July 14, 2003 the Board of Directors voted unanimously to approve a charter change that gave the credit union the opportunity to expand membership exclusively in a five-county region, in and around the Jackson Metropolitan area. Those five counties are Hinds, Rankin, Madison, Simpson, and Copiah.
In order to attract new members from the expanded market area, the Board of Directors agreed that a name change would be in the organization's best interest. After much research and discussion, the credit union's name was officially changed to Magnolia Federal Credit Union on June 14, 2004.
On May, 31, 2011 Magnolia Federal Credit Union acquired Valued Members Federal Credit Union (formerly Vickers Employees Credit Union) which expanded membership eligibility to Leake and Northern Scott Counties.
In an effort to expand financial services to a broader membership base, Yazoo County was added to the credit union's field of membership on March 6, 2015. On July 1, 2015 Benchsmart Federal Credit Union (formerly Mississippi Chemical Company's MCC Employees Federal Credit Union) merged with MagFCU.
Today, Magnolia Federal Credit Union is a multi-million dollar, full-service financial institution serving a six-plus-county area in central Mississippi. Magnolia operates four branch locations and proudly participates in the Credit Union Service Center Share Branching program. In addition, Magnolia operates eight proprietary ATMs, and provides additional surcharge-free ATM access through its participation in Credit Union 24 (CU24), Dolphin Debit, and MoneyPass ATM networks.
For specific information about Magnolia Federal Credit Union's current financial condition, click here and enter Charter Number "224" or the word "Magnolia" in the National Credit Union Administration's (NCAU) search form.