Employees of Ethyl Corporation established the Ethyl Corporation Credit Union in the late 1930’s. Membership was extended to other employee groups in 1981, and by 1996 more than 350 Select Employee Groups (SEGs) joined. The credit union changed its name to Louisiana USA Federal Credit Union to reflect this newly found diversity.
After 80 years Louisiana USA is financially sound, well capitalized, and truly committed to providing a full range of financial products and services.
Member deposits are insured by the National Credit Union Share Insurance Fund up to $250,000. Accounts can be structured to allow an aggregate of $1,250,000 in deposits to be insured per member.
A member-elected Board of Directors serves voluntarily in two-year terms. With a board-appointed Supervisory Committee, they provide oversight to management and staff. They meet monthly to review a wide range of financial transactions and results, as well as, annually to strategically plan future programs, financial budgets, and proposed capital expenditures.
As a non-profit corporation that is well-capitalized, Louisiana USA strives to absorb product and service costs for its members and give the most competitive rates for both loans and deposits.
Louisiana USA is family-focused on helping fellow family members; this is why it was established in 1939 and why it remains intact for its members today.
A bank for people, not profits.
The Start of Something Great
The first credit union was established in New Hampshire.
The Federal Credit Union Act
Federal Credit Union Act was enacted, authorizing states to charter Federal Credit Unions
Employees of Ethyl Corporation established the Ethyl Corporation Credit Union.
Credit Union Regulation
NCUA was created, an agency strictly in charge of regulating credit unions. The credit union’s version of the FDIC was also created called the NCUSIF.
Credit Union assets tripled across the country.
Opening the Door
Credit Unions were authorized to open their charters to gain new groups.
Becoming Louisiana USA
Changed our name to Louisiana USA. Membership was extended to other employee groups. By the mid-1990s, we had more than 350 employer groups join Louisiana USA.
James Foy appointed President/CEO, credit union was $25 million in assets.
Sharing is Caring
Became a Co-Op Shared Branching outlet.
Helping to Get You Home
Created our Mortgage Center, offering full service mortgage solutions.
Two became one
Acquired Capital City Press FCU.
Louisiana USA is $80 million in assets.
A New Leader
James “Beaver” Foy retired as our CEO and president after 28 years. Adam Foy assumed the role after his departure.