ORNL FCU 75 Years

ORNL Employees Federal Credit Union authorized charter seal, 1948.

The credit union received its first charter (a license to operate) from the Bureau of Federal Credit Unions by September 1948 and was officially named ORNL Employees Federal Credit Union. A dedicated office on lab property (Room 100 of building 703-C) was open for business on Mondays and Tuesdays. At that time, all those who performed the work of the credit union were lab employees who served as volunteers. In November, sixteen bonded (insured) representatives were designated to authorize the receipt of deposits, making it conveniently accessible to all parts of the lab during all shifts. The representatives received money for deposit and submitted the funds directly to the credit union’s treasurer. Other transactions such as borrowing money and repayment of loans were made directly at the credit union office.

By December, just a few months after its charter was granted, the credit union had become well established. What began with only ten charter members ended its first year of operation with 144 members and $5,769 in shares. These numbers would grow even stronger throughout 1949, ending the year with 420 members and $42,083 in shares.

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By 1950, war was once again in the picture as the first Tennesseans marched off to fight in Korea. Twelve nations agreed to the creation of the North Atlantic Treaty Organization (NATO) for the defense of the United States and Europe, and the persecution of Communists was initiated by Senator McCarthy. Families were moving out to the suburbs, and kids watched Howdy Doody on twelve inch black and white television sets. Times were gentler with little violence and the consumer revolution was about to start in a big way. The median annual family income was $3,300 and the average cost of a new house was $8,450.

DID YOU KNOW . . . Federal credit unions need a charter —a license to operate—from the National Credit Union Administration (NCUA). The charter is the field of membership, which is the legal description of the people, organizations, and requirements (where people must live or work) the credit union will serve.

1948-1958 The Beginning | 17