Deseret First was known as the LDS Church Office Credit Union in 1955. On August 4, 1955 the credit union was officially approved. The first five board members were Henry Tempest, Fern Dunn, N. Keith Carroll, LaRue Sneff, and Gordon B. Hinckley. The credit union operated out of Keith Carroll’s desk drawer. By the end of the year there were 196 members!