ORNL FCU 75 Years

Senator John F. Kennedy and his wife visited the laboratory’s research reactor in 1959. (US Department of Energy)

In Oak Ridge, 1959 was a year of celebration. On June 7, after a long campaign with the Atomic Energy Commission and its assigned operations manager, the public land and buildings belonging to the Clinton Engineer Works were officially turned over to the people of Oak Ridge. Residents took control of the city, quickly electing a mayor and establishing a city council, board of education, and zoning commission. Senator John F. Kennedy and his wife, Jacqueline, visited the Oak Ridge National Laboratory’s research reactor in 1959. Like its hometown, the laboratory was in transition. Difficulties had brought 20 percent budget cuts and a major workforce reduction. The credit union, however, continued going strong. In its eleventh year, assets for 1959 exceeded $1 million and the board approved a larger 5.5 percent dividend. Thanks to the federal government’s recently revised Credit Union Act, the maximum unsecured loan amount was increased to $750 and the lengthiest repayment period was extended to five years. Also in 1959, the credit union joined the Tennessee Credit Union League (TCUL). To this day, the league continues to support legislative and regulatory efforts that benefit credit unions at the local, state, and federal levels. They also provide credit unions with operating support for training, education, research, and communications endeavors.

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22 | 75 YEARS ORNL FEDERAL CREDIT UNION