On the evening of November 15, 1932, a small group of employees of the Illinois Central Railroad met with the Field Secretary of the National Credit Union Extension Bureau to discuss the possibility of forming a credit union to serve the employees of the Illinois Central Railroad. After much discussion about the opportunities and benefits of forming an official credit union, a vote was called which resulted in the birth of “Illinois Central Credit Union of Memphis, Tenn.”
The treasurer was instructed to purchase a steel box with a lock (now fondly referred to as the “shoebox”) to store the $25.00 that was allocated to fund loans of a maximum of $5.00 each to employees of the Illinois Central Railroad. Despite the 1933 banking crisis, the credit union flourished and the first dividends were paid to its member-owners.
In 1943, the credit union opened its first office in a small room at Grand Central Station on Main Street in Memphis. Office hours were Monday, Wednesday and Friday from 12 noon til 5 p.m.
The credit union now has over 1200 members and continues to grow its membership. Open Monday through Friday from 9:00 a.m. til 4:30 p.m., it operates with four full time employees and seven volunteer directors from our membership.
The credit union changed its name to CN/IC Employees Credit Union in September 2011 to better align itself with the new generation of employees at CN Railroad (previously known as Illinois Central Railroad) while honoring the original Illinois Central membership which was responsible for its creation and continued success of the credit union. CN/IC Employees Credit Union has the honor of being the second oldest surviving credit union in the state of Tennessee.
CN/IC Employees Credit Union strives to be the lifetime financial partner of our member-owners.
CN/IC Employees Credit Union will be distinguished within the industry as a secure and growing organization which owes its success to constant attention to its members’ needs and expectations; commitment to specific operating values; clear direction and inspired leadership from our Board of Directors; educated and dedicated staff; and to its loyal members who are proud to be part of the CN/IC Employees Credit Union family.