Sacrifice, Dedication and Integrity Since 1948
On December 30, 1948 a group of visionary leaders from Tynes Street Baptist Church met to discuss ways they could help in meeting the needs of their members. Members were struggling. Oftentimes, they reached out to the church to address their financial needs.
The idea of forming a credit union was introduced. The mission of the Credit Union movement was “People Helping People”. Members who joined the credit union received shares and became shareholders. As members saved their dollars, it provided the opportunity for other members to borrow. Thus, the mission of “People Helping People” would be carried out… and the credit union would belong to its members.
From this meeting, Tynes Street Church Federal Credit Union was formed. Charter No. 5970 was approved by the Bureau of Federal Credit Unions on January 4, 1949. The field of membership was “limited to members of Tynes Street Baptist Church in Suffolk, Virginia; members of their immediate families, and employees of this credit union and organizations of such persons”. Founding members of this organization were: Dr. D. W. Lamb; V. L. Britt Sr; Clarence Copeland; Mrs. Sadie Sharpe Davis; Dr. T. A. Graham; Rufus T. Hart, Sr; Miss Helen Hicks; Mrs. Martha knight, Ms. Virginia Milan; A.T. Mitchell; James Moody; S.m. Moore; Harold Ruffin; Miss Elsie Reid and Mrs. Mable Shamble.
On February 19, 1969 the name of the credit union was changed to Metropolitan Church Federal Credit Union to coincide with the name of the church. This occurred after a fire destroyed a portion of the church located on Tynes Street. On October 1, 1999, NCUA gave approval for the credit union to expand its field of membership. Eleven other churches are now a part of our credit union family. All funds deposited are secured up to $250,000.
Since its inception, MCFC has grown from an initial investment of $226.27 to more than $12.6 million dollars. The leadership of this organization work hard to bring competitive, cost effective and financially sound services to its members. Even though the credit union bears the name of the founding church, it operates with an independent board of directors elected from its membership. These board members are governed by the rules and regulations of NCUA. At present, nin board members set policies and hire the manager to run the day-to-day operations of MCFCU. We hold membership in Virginia Credit Union League and CUNA Mutual Association.
On October 14, 2017 we celebrated with thankful hearts the grand opening of our new building located at 133 Tynes Street in Suffolk, VA.