ORNL FCU 75 Years
That year, all credit union records were maintained using a tie-in with a leased, state-of-the art computer service and accessed using desktop readers to provide account information for members. Date-of-deposit to date-of-withdrawal dividends were now a reality, and ORNL EFCU was the first in the state of Tennessee to offer this service. To enhance communications and information exchange with both members and potential members, a marketing and education officer was hired and the services of an advertising agency was retained in 1975. The first of their efforts was a new corporate logo.
As America celebrated its bicentennial in 1976, Apple Computer was founded and ORNL EFCU experienced an extraordinary year. There was a membership increase of more than 33 percent and assets grew more than $38.7 million. Earnings were gained through a strong investment portfolio, allowing the credit union to pay the highest dividend possible while continuing to expand the number and variety of services and products members had been requesting. An unprecedented number of new programs were introduced: an expansion of membership to immediate family
members; VIP auto loans that improved a member’s ability to bargain for the best price on a car; educational assistance loans; youth loans for younger members twelve to eighteen years of age to help parents teach wise use of credit and money management; cash services such as money orders, travelers checks, cash withdrawals, and cash disbursements of loans; and faster more efficient service to members through the installation of a new filing system and front office computer operation. That year, ORNL Employees Federal Credit Union entered into an agreement with Knoxville TVA Employees Credit Union to serve both memberships at jointly operated branches. This joint venture was the first attempt by credit unions in Tennessee to improve services by sharing the expenses of branching. In July, ORNL EFCU opened a new branch in West Knoxville.
WHAT IS SHARED BRANCHING? Back in 1976, with a rapidly growing member base and a limited number of branches that were not easily accessible to the entire community, ORNL Employees Federal Credit Union struck partnerships with other local credit unions to share the expenses of establishing new locations. This concept was called shared branching. The new Credit Union Service Center provided a fully staffed office where members of all partnered credit unions could more readily visit to conduct business. By 1991, its two banking partners had left the partnership. By then, ORNL Federal Credit Union had established a sufficient number of branches to meet the needs of its own members.
1969-1978 GIANT STEPS | 33
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