ORNL FCU 75 Years

This system also made it possible to issue quarterly dividends for the first time. Another first: member accounts were insured up to $20,000, the maximum amount per the Federal Credit Union Act.

DID YOU KNOW . . . In late 1974, Congress unexpectedly changed the Oak Ridge National Laboratory’s name to the Holifield National Laboratory in honor of a retiring California congressman who had been prominent in atomic energy matters. The name Oak Ridge National Laboratory was restored by congressional action in late 1975.

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The following year, 1971, the credit union reached $11 million in assets. Due to uncertainties in the US economy that year, many Americans postponed large purchases and began saving money at a phenomenal rate. Credit union members were no exception; overall savings increased nearly 47 percent. This year also marked the first time

the organization annually provided financing for a car or truck to a select number of members. And to recoup some of the costs of the computerized posting system, its proprietary processing program was sold to the Burroughs Corporation—who in turn embedded it into a system that it sold to other banks and credit unions.

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In 1972, a member library was also opened in the lobby at the Rutgers Avenue building. Rite on Line, an open-end credit program, was launched. Airplane loans also became available this year. The credit union also participated in the National TV Advertising Program for Credit Unions. That year saw the opening of the first Knoxville branch location.

The credit union ended 1972 having been recognized as the seventh largest credit union in Tennessee, measured by total assets, in the Annual Report of Tennessee Credit Unions.

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During ORNL Employee Federal Credit Union’s silver anniversary year in 1973, some turbulence was experienced. The first oil embargo shocked the US economy, slashing supplies and driving oil prices sky high. This was followed by devaluation of the dollar on world markets, soaring living costs, and a tumbling stock market—all resulting in a major recession. A round of budget cuts forced deep staff retrenchments at Oak Ridge National Laboratory, and the resulting uncertainty stunted loan growth at the credit union. But while the year ended with a 5 percent decrease in loans, the credit union saw a $4 million increase in shares.

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30 | 75 YEARS ORNL FEDERAL CREDIT UNION

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