CHFCU History
Thanks to you our members, Covenant Health Federal Credit Union has been providing financial services since 1953.
Over fifty years ago, eleven men and women with a vision and a deep desire to help their fellow employees and family members, requested a charter for what is now Covenant Health Federal Credit Union. One of the original charter members, E. H. Scott, former FSRMC maintenance supervisor, was the honored guest of our 40th anniversary celebration in 1993.
While Mr. Scott is no longer with us, his comments from a 1993 interview which appeared in the credit union's newsletter, Notes of Interest, lend an interesting insight into the humble beginnings of a multi-million dollar financial institution. According to Mr. Scott, "The hospital (FSRMC) had fifty beds and the hospital entrance was up a set of steps on Clinch".
"I was on the first loan committee, but had to excuse myself when I applied for a car loan. I borrowed two thousand dollars to buy a 1954 Dodge Dart. It was the first car I bought and it was the best car I've ever owned. I believe my loan was one of the first car loans we made."
Charter members were: Ross B. Burnette, Thelma Easterly, Ada L. Ford, Shirley Delap, Elizabeth Killeffer, Leola S. McCook, Joan A Mohoney, Belle Norton, Mary Owens, Helen Schettler, Emma Wood, Myrtle Wright, H.L. Maloney, and E.H. Scott.
How We Grew Over the Years
When Burton Goodge, current (and long term) Chairman of the Board of Directors, joined the Fort Sanders Hospital Employees Credit Union in 1969, it was less than $250,000 in asset size. Business was conducted out of the desk drawer of an employee in the office of Harry Farris, Fort Sanders Presbyterian Hospital's Chief Financial Officer, and Credit Union Board Member/Treasurer. Members could apply for a loan contingent on whether the credit union had funds to lend. They often had to wait for the loan committee to meet and approve the loan. As the credit union grew, it found a home in a small room in the hospital's basement. Of course, space was at a premium and the credit union was often asked to relocate at a moment's notice, prompting employees to wander the halls and professional buildings looking for the credit union and their money.
In 1986 Burton was walking to lunch and noticed a foreclosure sign on the building at the corner of 19th and White Ave. With much foresight and great trepidation, the Board of Directors of the credit union, now a little over $3 million in assets, voted to purchase this building as a permanent home for the growing Fort Sanders Hospital Employees Credit Union. Within a year after moving into the newly renovated building, the credit union had grown to over $5 million in assets and 2100 members. Two years later, following a name change to Fort Sanders Credit Union, the branch on the Fort Sanders West campus was serving credit union members. There was no looking back as the credit union added additional services, locations, and members yearly.
Where We Are Now
Covenant Health Federal Credit Union, formerly Fort Sanders Hospital Employees Credit Union, and Fort Sanders Credit Union, is a thriving, vital financial cooperative. Membership ranks have grown to almost 7000 and asset size to over $26 million. CHFCU members enjoy the unique advantage of member/ownership in a credit union that is still true to its origins of "people helping people", and remains focused on its commitment to providing excellent member services.
