ORNL FCU 75 Years

But by far the dominating headline of 2008 was the global financial crisis, which would in short time be referred to as the Great Recession. Sparked by the subprime mortgage crisis that began in 2007, the US economy faced the worst financial crisis since the Great Depression. ORNL FCU employees dress in period costumes to celebrate the credit union’s sixtieth anniversary.

The mortgage market collapsed, and the Dow Jones lost 33.8 percent of its value. Large banks reported record losses, some filing for bankruptcy. Companies were laying off workers by the thousands and property prices continued to fall, causing hardship for homeowners. On August 6, 2008, ORNL Federal Credit Union officially celebrated sixty years of member service. It had grown from one small office in the Oak Ridge National Laboratory to thirty one branches located throughout the sixteen-county community, serving more than 148,000 members. New branch locations were added in West Knoxville, LaFollette, Bearden, Maynardville, Lenoir City, and Farragut. As part of the credit union’s mission statement— enabling our members to achieve their financial goals by being there when, where, and how they need us —several locations extended their hours. Although the sluggish economy slowed loan growth throughout the year, loans outstanding increased by more than 16 percent to a year-end total of $995.9 million and total assets grew to more than $1.2 billion. As part of its ongoing commitment to working with local schools and serving its younger members, ORNL FCU created the Camp Money Matters: Financial Literacy Program. Local teens were able to learn different aspects of finance in a weeklong, classroom setting. New services also included eStatements and CSIdentity, an identity theft prevention initiative. Deep into a second year of recession, consumers began to feel the fallout from the subprime debacle and the following Wall Street meltdown. With an ever-growing list of bank failures, buyouts, and bailouts, consumers were confused about what to do with their personal finances. The credit union responded with its borrow smart, save smarter campaign in an effort to help both members and nonmembers weather the storm and make smart financial choices. Response to this program was immediate and overwhelming.

66 | 75 YEARS ORNL FEDERAL CREDIT UNION