ORNL FCU 75 Years

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The credit union grew far beyond expectation in 1951. With an increase of membership serving 60 percent of the lab’s employees and assets totaling $418,299, it was larger than many banks in the state. In three short years, nearly all day-to-day responsibilities once performed by runners and board members were now in the hands of three full-time employees. The organization was also adapting to accommodate its rapid expansion: the bookkeeping process became more streamlined and additional policies were adopted. “The credit union [has] reached maturity,” the annual report stated. “Our growing pains have ceased to bother us.” Moving forward, the period of 1952 through 1957 shows even further growth. The first dividends, a generous 4.2 percent, were paid out. External audits were now performed annually to ensure credit union members that financial statements were free from error or fraud. Both investments and membership were increasing at a steady, strong pace, thus fulfilling the purpose of the organization’s existence. And the rapidly growing number of member transactions required machines be purchased to “automate” the process. „ „ „

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In 1958, ORNL Employees Federal Credit Union celebrated its tenth anniversary. Its recent catchphrase, when everybody saves, everybody profits , had become reality. In its first ten years, the credit union had grown from its humble beginnings to a robust financial institution, confidently poised for a decade of more growth and new opportunities.

WHAT DOES THAT MEAN?

Credit unions often use terms that differ from banks. Member: Someone who keeps money in a credit union. Each member has voting privileges, and all members are equal. Share: The amount required for deposit to join a credit union, which represents ownership. All members receive one share of credit union ownership when they join. Share Account: A savings account at a credit union because members are a part owner. Share Draft Account: They operate the same way as checking accounts, allowing credit union members to access and spend their account funds using paper or electronic checks, debit cards, online payments, and cash withdrawals. Dividend: The money (earnings) the credit union pays its members for keeping their money in a share account .

20 | 75 YEARS ORNL FEDERAL CREDIT UNION