In the early winter of 1948, Elizabeth K. Lunch, part time managing director of the Virginia Credit Union League, and Curtis L. Shackelford from the Danville Postal Credit Union, met with Danville's part-time mayor, Everett Carter and other city department heads for the purpose of discussing the organization of a credit union for city employees.
The names of at least seven subscribers were required and the following names appear on the original organization certificate as having purchased one share each on November 23, 1948: Kerr S. Farley, C.F. Elliott, O.J. Hanks, J.A. Clark, L.M. Lewis, B.M. Cook, J.R. Scarce, and Travis Bousman. An application was then submitted to the Bureau of Federal Credit Unions and approval was received on December 8, 1948 under Charter 05919.
Thus, with $40 and eight members, the now $25 million credit union had its beginning.
James A. Clark, of the Police Department served as the first president, followed by Lawrence K. Ferguson Jr. Other members of the first Board of Directors were:
- J.R. Scarce, Vice-President
- Travis Bousman, Treasurer
- Corita Francis, Secretary
- Wade H. Mays, Director
- H.B. Ramsey, Director
- K.S. Farley, Director.
The credit union operated in the Municipal Building from 1948 until the Fall of 1998, when the building at 610 North Ridge Street was purchased. In August 2006, the credit union moved into its new building at 320 Old Riverside Drive where it is now located.
For 64 years the DCEFCU has faithfully served city employees and their families and its "People Helping People" philosophy remains unchanged.