Employees in the Church Offices needed financial services so the First Presidency tasked Keith Carroll with creating a solution. On August 4, 1955, the credit union was officially founded as the LDS Church Office Credit Union.

The first board members were Henry Tempest, Fern Dunn, Keith Carroll, LaRue Sneff, and Gordon B. Hinckley. We existed to provide savings and services to the employees of the Church Office. Keith Carroll first operated the entire credit union from his own desk drawers. It was a success! By the end of the year there were 196 members.

The credit union grew to occupy a part of the second floor of the Church Office Building and in 1974 we established our very first branch in Salt Lake City. Credit union membership expanded at this time to include any employee of the Church of Jesus Christ of Latter-day Saints and we changed our name to the LDS Church Employees Credit Union.

Steady growth continued and in the 1980s the official name was changed to Deseret First Credit Union. Our Field of Membership widened again, this time to include all members of the Church.