Councill Federal Credit Union (CFCU) was formally established on the campus of Alabama A&M University on May 28, 1954, with the signing of the Councill Federal Credit Union Charter No. 9554 before Probate Judge Ashford Todd in Huntsville, Ala.
The original ten (10) signers were: Dr. Joseph Fanning Drake (president of Alabama A&M College), R.A. Carter, John A. Browder, George H. Hobson, Leon W. Bonner, W.H. Hollins, Charles W. Orr, G.R. Ragland, Jr., William S. Edmond and Leander R. Patton, subscribed to before Ralph H. Lee, an officer of the new Councill Federal Credit Union. Each signer purchased one share each at $5.00 per share.
The criteria for membership was: to employees of Alabama A&M College, to employees of the Negro public schools and work in Madison County, to employees of the credit union and their immediate families.
From these humble but determined beginnings, CFCU has grown to more than 1,500 members with millions in assets. It continues to be a viable part of the Huntsville community.