ORNL FCU 75 Years

In 1983, its thirty-fifth year, membership at the credit union swelled when family members and relatives who did not live with laboratory employees were welcomed as members. Services were also extended to other nearby employers and associations who were without credit union service. During a year in which a large number of financial institutions had failed, the organization prospered. Assets surpassed $100 million, making ORNL Federal Credit Union the largest credit union in Tennessee. Improvement in the US economy helped the credit union achieve a high volume of loans, resulting in an 81 percent increase over the previous year. It also returned to a flat 7 percent dividend on regular shares; replaced old money market certificates with a custom certificate program; began providing loans to parents through the student loan program; and introduced its Senior Club, offering free services to members older than fifty-five. That year ORNL FCU joined Money Belt, a network of 142 ATMs throughout the state available through the First Tennessee banking system. For the first time, members had access to their funds twenty-four hours a day, seven days a week.

SPECIAL DIVIDENDS: RETURNING VALUE

One of the advantages of credit unions is that profits are shared with members. When a credit union has a good year and its reserves and capital are in excess of what is necessary to meet its goals, it will often make a special payout, or dividend, to its members. ORNL FCU special dividend payments are designed to reward members who conduct business with a credit union throughout the year. When a dividend is approved, the total amount to be disbursed is decided annually by the board of directors and is issued based on the depth and breadth of a member’s relationship and balance with the credit union. Special dividends are not guaranteed to be paid every year. Since ORNL FCU reinstated the special dividend payment in 2018, over $21 million has been returned to the membership. And in recent years, coinciding with the special dividend payment, ORNL FCU also began randomly selecting members (via a third party) with current auto loans and paid off their remaining balances—taxes included.

1979-1988 STRUGGLES & TRIUMPHS | 39