ORNL FCU 75 Years

A changing economy coupled with innovative services produced the single most successful year in the credit union’s forty-four-year history. Low loan rates stimulated high demand for loans of all types. Car loans increased by 25 percent over 1991. As mortgage interest rates hit twenty-year lows, demand for both new and refinanced mortgages soared. Total mortgage loan volume exceeded 1991 volume by an astonishing 108 percent. New products rolled out that year, including a three to-one adjustable-rate mortgage, Mortgage Rate Line, and Fast Equity Loan. ORNL Federal Credit Union’s newest tagline— stability, service, growth —was also unveiled that year. In its fifth year as a participant in the Oak Ridge Schools Partners-In-Education program, the credit union stepped in as the partner of Willow Brook Elementary School and sponsored several community events, youth sports programs, and other local programs that reflected the community-minded spirit of ORNL Federal Credit Union. While celebrating forty-five years of service, 1993 saw ORNL Federal Credit Union set new records: total assets surpassed $322 million, representing an annual increase of more than 10 percent. For the third straight year, loan volume showed surprising strength. Membership also continued its steady growth, boosted by mergers with two smaller credit unions during the year. Vinylex Employees Credit Union of Knoxville brought in 226 new members, and another merger with the ORAU Employees Federal Credit Union added 927 members. At the end of 1993, membership had reached 47,811. Realizing over 10 percent of the membership now lived outside its local calling area, the credit union established a toll-free telephone number (800-ORNL FCU) for nationwide access and continues serving members today using this same number. New product offerings premiering „ „ „

that year included double-play certificates and a solid choice of eight differently priced credit cards with an attractive variety of features. That year, the first scholarship endowment was awarded to a member destined for the University of Tennessee, Knoxville. Established to honor Bob A. Candler, who retired after twenty years as president of ORNL Federal Credit Union, this scholarship program continues to this day.

OUR OWN WORDS The volunteers we have at ORNL FCU are passionate about what they do. Not only do they care about the organization, the members, and the community, but they care about us, the employees. They believe in doing what’s best for the organization while always staying focused on what’s good for the members. Simply put, our volunteers are exceptional. TOM WRIGHT SVP & Chief Marketing Officer

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By 1994, ORNL Federal Credit Union had loaned over $1 billion to its members, with members continuing to look to the credit union for finance of cars, boats, houses, and a host of other consumer needs.

1989-1997 CHALLENGES & REWARDS | 47

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