The St. James AME Federal Credit Union has a very rich history. The Credit Union has been and continues to be a vital part of the St. James AME Church. The Credit Union has served its members and the surrounding community faithfully and with distinction throughout its history. The Credit Union's overal philosophy is to allow its members, who are traditionally low and middle income to pull their resources together to better help one another. The Credit Union grants loans to its members to help them meet a variety of personal needs. The stability of the Credit Union has been forged on exceptional leadership from the beginning.

The late Rev. Mansfield Jackson is recognized as the catalyst for starting the St. James AME Federal Credit Union. It is believed that he wanted to help create an economic base for African-Americans. Rev. Jackson and some pioneering church members, along with guidance from the New Jersey Credit Union League established the Credit Union as a viable institution ready to service its members. A charter was granted in July 1946. The very first loan was $100.00 and the total assests for the first year of operation was $1,976.00 and the membership started at 58 members. Although membership and assests were small in the beginning, the seed was planted and the institution grew from its infancy.

From 1946 - 1950, the St. James AME Federal Credit Union continued to grow. Dedication and leadership from the management began to create solid roots. The membership rose to 152 and the assests reached $9,182.00. Over the same period the Credit Union granted loans to its members totaling $20,120.00. In 1950, Rev. E.L. Blake replaced Rev. Jackson as the pastor of the church. Rev. Blake, seeing the potential of the Credit Union, gave his full support. Rev. Blake from time to time would preach sermons encouraging members to join.

In 1952, the late Mr Benjamin W. Hill was elected President of the Credit Union. Mr Hill was so proactive in education that we can think of him as the educational president. Under his leadership all directors and volunteers were encouraged to participate in New Jersey Credit Union League classes. Mr Hill also started a Credit Union school at night for members to learn more about credit union operations.

In the year 1955, the Credit Union Movement, had caught the attention of many prominent individuals in the AME Church. Bishop George W. Barber wrote in the St. James AME Federal Credit Union's 12th Annual meeting report concerning the movement:

Many talents were required for the running of a Credit Union. One outstanding person expedited a special talent for working with members on a day-to-day basis. Mrs. Mollie P. Johnson, who joined the Credit Union in 1946, the founding year. Her zeal for the Credit Union has been a tremendous asset. Her husband, the late Lorraine D. Johnson, former chairperson of the Credit Committee, introduced a plan that allowed the Credit Union to have its cake and eat it too! All members repaying loans were asked to save a couple of dollars by agreeing to a monthly payment large enough to include savings. This imple but effective strategy not only solved the immediate cash flow problem but allowed a growing surplus of money.

The Credit Union continued to grow during the '60's, '70's, '80's, and '90's.

Some highlights:

In 1960, the Credit Union moved into its own office, with the financial assistance of the St. James Layman's organization.

In 1962, the membership of the Credit Union reached 718 members.

In January of 1966, the Credit Union celebrated twenty-five years of operations.

By January 1970, the assets of the Credit Union reached $250,000. The total loans to date was stated as 1.7 million dollars. The Credit Union received the Twenty-Five year service award from the NJ Credit Union League.

In 1975, the Credit Union purchased its first computer to keep pace with progress.

In 1976, the total assets of the Credit Union reached over $300,000. The total loans to date was stated at 2.4 million dollars.

The Credit Union office was remodeled and expanded in 1982. The new area allowed for private rooms for loan processing, larger work area and enhance customer counter space.

In 1985, the Credit Union started full in-house computer processing of all accounts. This was faciliated by the purchase of Credit Union software from E.P. Russell. The process of switching from the batch processing to in-house processing was accomplished without any problems.

By the year 1987, we expanded our network to five computers. The system allowed for more efficient operations in the processing of data.

In 1990, the St. James AME Federal Credit Union reorganized its management structure and created a new position. Mr. Daniel A. Bradman, Jr., retired from his position and became President of Operations. Our Credit Union continued to grow by leaps and bounds. We do attribute our growth and high quality of service to Mr. Bradman, a retired engineer from AT&T, who has demonstrated outstanding service to the Credit Union movement at St. James and has mentored other Credit Unions in the community.

In 1994, the Credit Union's total assets reached the million dollar level. Our pastor Rev. William D. Watley continues to be a major supporter of our Credit Union which will be a tremendous asset to the proposed St. James Prep School.

During the year 1994, the Mt. Teman AME FCU merged with us. This merger expanded our Credit Union and the potential of membership increases.

In November 1996, the Credit Union hired a full-time manager of the Credit Union, Mr. Keith Bonds. Mr Bond's mission will be to become more involved in the fiscal concerns of the church congregation to improve and give optimum service to our members.

To date, our services to members have expanded and a plan has been developed that will be on our "Building Financial Success Through Economic Empowerment".

The continued success of this great credit union will depend on the members of St. James AME Church. Let us build together.