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ORNL Employee Federal Credit Union chartered to serve Oak Ridge National Laboratory Employees.
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Approval of the Payroll Deduction Plan for ORNL employees with teh help of K.A Fowler "who played no small part in obtaining the Company's consent to place the payroll deduction plan at our disposal."
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"To promote thrift among our members and to create for them a source of credit for provident or productive purposes." -
1952 Supervisory Committee Report -
ORNL EFCU closed for two weeks in April of 1952 to bring all accounts up-to-date.
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ORNL EFCU paid out the first dividend of 4.2%. Became a $400,000 organization.
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Became a $1.4 million organization.
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Advocacy has been a part of ORNL FCU since 1959 when we became a member of the Tennessee Credit Union League. We joined in their quest to “promote and support the success and advancement of credit unions in meeting their service and structural goals.” The League currently focuses on legislative and regulatory influence, operating support in training and education, and research and communication support. These have only changed slightly since 1959; however, the purpose of each focus has remaine
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ORNL EFCU began accepting loan applications over the telephone.
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ORNL EFCU doubled in size to become a $2.2 million organization.
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ORNL EFCU made life insurance available to its members through the Tennessee Credit Union League. This policy provides $1,000 per employee, $1,000 for the spouse and $500 for each dependent at a rate of $1.50 per month.
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ORNL EFCU microfilmed all member records for reduced storage and increased efficiency.
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ORNL EFCU underwent a comprehensive review of the security and policies of the Credit Union. Oak Ridge Police and Fire Department reviewed the security of all documents and of the building.
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ORNL EFCU expanded their membership to incude retirees from ORNL.
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purchased a Graphotype and an Address-O-Graph to provide ID cards to our members.
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ORNL FCU adopted a group insurance plan for ORNL FCU employees.
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ORNL EFCU experienced the most growth in its history with an increase in assets of $632,804 and an income increase of 19% from 1963. ORNL EFCU also became more efficient as their expenses dropped from 30.2% to 28.6% of total income.
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ORNL EFCU officers and staff participated in a state meeting and training to learn new ways to improve their jobs.
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The Board of Directors adopted a retirement annuity benefit plan for the office employees.
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Everybody’s Money, an informative magazine, was mailed quarterly to the members to each member. Particularly important information was published quarterly in The CUzette
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ORNL EFCU exceeded $5 million in total assets.
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Increase in member service was noted due to the addition of Monday to the regular work week. Also, lending policies were liberalized to provide loans to more members.
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Approval was given to construction the 215 Rutgers Ave Building.
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Mrs. Gertrude Beeler was guest of honor as the first retirement of an office employee at ORNL EFCU. She was presented with a beautiful watch and personal gifts from staff members.
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the Board of Directors revised the Bylaws to allow for an increase of repayment time on large real estate loans from five years to ten years and increased the maximum for a signature loan from $750 to $1,000.
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ORNL FCU introduced Telephone Withdrawals as well as the Personal Service Loan plan.
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ORNL EFCU made an investment into a computerized posting machine to increase efficiency and reduce wait time for members.
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ORNL obtained insurance on shares up to $20,000 for the first time in history. Prior to this date, our shares, unlike our loans, were uninsured.
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ORNL EFCU reached $11 million in total assets.
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ORNL EFCU opened their second branch located in Knoxville, TN. Within the Rutgers Ave. building,
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ORNL EFCU was identified as the 17 largest credit union by asset size in
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Bob Candler was promoted to General Manager and Martha Davis was appointed executive officer in charge of investments and treasurer.
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ORNL EFCU participated in the National TV Advertising Program for Credit Unions and a Library for members was established.
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ORNL EFCU offered disability insurance for their members; however, during to the steady increase which raised the premium by 50% and would still not cover all the claims from our membership, the Board decided to discontinue total and permanent loan insurance. To compensate, ORNL EFCU made the new credit disability insurance coverage available to those members who would want to pay for the coverage.
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A new campaign was launched for ORNL retirees that let them know that once they were a member, they were always a member.
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ORNL EFCU went on-line for computerized financials and statistical bookkeeping and reporting.
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ORNL EFCU provided a library for members.
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ORNL EFCU introduced their "Rite-on-Line" open ended credit program and made airplane loans available.
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ORNL EFCU became the first Credit Union in Tennessee to offer “date-of-deposit – date-of-withdrawal” dividend computations in 1975. ORNL FCU also introduced their special savings accounts, Christmas club account and payroll deduction for spouses and children’s accounts.
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The West branch opened as a jointly owned facility by Knoxville TVA Credit Union and ORNL EFCU. The North Branch also began providing services to TVA Credit Union members.
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ORNL EFCU made an agreement with TVA Federal Credit Union to serve both memberships at branches operated jointly by the two credit unions.
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ORNL EFCU introduced a new filing system and front office computer operations to improve efficiencies, reduce costs, and improve timeliness for members.
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The VIP Auto Loan made auto financing as convenient as possible for members by making the member a cash customer and improving the member’s ability to bargain for the best purchase price. ORNL EFCU also started to provide membership with educational assistance loans, youth loans, money management, money orders, travelers checks, and a new filing system and front office computer operations.
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ORNL EFCU began offering their Shared Draft Program (checking) in June of 1977. From June until December, 2,400 new accounts were opened.
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ORNL EFCU was able to extend their membership to dependents of current members. Also, the Credit Union Service Center expanded to Kingston and North Knoxville. K-25 also became apart of shared branching.
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ORNL EFCU created "circle calling" where any call coming into the credit union within a 70 mile radius would be charged to the Credit Union.
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ORNL EFCU offered new car sales, van car pool financing, automobile insurance, the automated posting of payroll checks, home improvement loan (Title I FHA Loan), and provided a seminar on wills. With 67% growth in Share Draft usage, ORNL EFCU provided Certified Share Drafts and Cashier’s Drafts to members.
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ORNL EFCU opened the North Knoxville Branch on Victor Dr. with drive-up facilities and safety deposit boxes.
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ORNL EFCU received the National Credit Union Administration's first Family Service Award.
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ORNL FCU began providing IRA accounts.
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ORNL FCU “participated in the successful conclusion and appropriate legislation for our share drafts” where member of ORNL EFCU sent more than “200,000 letters, cards and telegrams to members of Congress where 1,000 of them were from ORNL EFCU members.”1 (1) 1979 Annual Report - Board Report
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Although issues related to interest rates and inflation that arose threated to “erode the very foundation of our movement that survival, in an uncertain economy, has been our number one priority.”1 Still, ORNL FCU improved the stability of the financial organization. (1) 1979 Annual Report - Board Report
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ORNL FCU introduced mini-market and jumbo certificates, monthly interest no money market certificates, and completed a trial period for VISA and MasterCards.
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Slogan: "Your Kind of Place" Key Objective: “provide superior and financially favorable savings and lending opportunities and related benefits deriving from our common bond and working within the regulations and guidelines applicable to a federally-chartered credit union.”
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“Members expressed their confidence in the Credit Union by depositing millions of dollars during the month of July” as a response to the need for funds."
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The decision to increase prices on services was made by the Board in order to keep the Credit Union financially sound.
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ORNL started offering the following products and services to their membership:
LoanLiner (which reduced the amount of paper work to create loans,) Credit Union Newsline to keep members informed about rates, and the "All Savers Certificate" authorizing all wage earners to get an IRA. -
ORNL FCU created the 91-Day Money Market Account as well as providing a kit of materials to those ORNL Lab Employees who took part in the voluntary reduction-in-force. Additionally, the service of cashing U.S Savings Bonds was offered.
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In 1982, ORNL began using a new computer system to improve service in the branches and on telephone transactions.
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ORNL FCU was named the largest credit union in Tennessee.
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Membership grew tremendously as a result of the change in the definition of “eligible family members.” The change allowed family members who do not live with the lab employee to become members.
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ORNL FCU started to offer a flat 7% dividend on regular shares and added the Custom Certificate Program to replace money market certificates. Additional Services that were started was the MONEY BELT 24 hour automated teller machine service with 142 machines, the addition of the Seniority Club, and providing loans to students’ parents as part of the student loan program.
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ORNL FCU merged with ORTEC Credit Union.
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ORNL FCU introduced the 30 year mortgage to members.
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The addition of the Lenoir City Branch helped to reach additional members and provide them with convenience. This was also the reason for the West branch moving to the Cedar Springs Shopping Center as well as to leave TVA with the old west building.
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ORNL FCU recieved the highest rating from the NCUA.
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ORNL FCU introduces the QUE Touch Tone Telephone Banking for added convenience to its members. "Finger Tip Service - the Soft Touch that Brings Us Closer."
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ORNL completed construction and opened the 221 S. Rutgers Ave. building which currently houses the main office as well as administrative staff.
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ORNL FCU introduced the Payment Savers Auto loan so that more members with low to moderate income could purchase new cars.
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ORNL FCU discontinued the Credit Committee and provided Loan Officers, in 1988, with the ability to approve and deny loans. This decreased the time it took for an approval for a members loan as the Credit Committee only met 112 time per year.
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Offered Auto Quote Service and two new Share Draft Accounts.
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ORNL FCU began participating in the Adopt-A-School Program with Linden Elementary.
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ORNL FCU created a telephone service group at the main branch to reduce busyness at the branches due to call volume.
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ORNL participated in the Angel Tree Program through the Holiday Bureau and provided 150 children with gifts who otherwise would not have received one for Christmas.
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In 1988, the threat to the credit union’s tax exempt status was taking shape. Banks and other financial institutions were trying to Congress that credit unions are no different and should therefore be taxed. A call to action was proposed for the credit union membership to contact their congressman and stand together with the credit union movement.
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ORNL FCU created the AUTOFACTS Program for members which was a library to research rates, makes, models, and other key information before the member purchased their next car. Financial Planning Assistance was also made available through Retirement Planning Service, Inc.
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New Product offerings in 1990 include the Flex-Five Mortgage, new Construction to Permanent financing program, a Flex-Five Second Mortgage, the VISA Gold Credit Card, and an expansion to the CarFacts library.
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This network of dealers was created by ORNL FCU to provide members with a list of dealers in the East Tennessee area who have agreed to offer members a fixed markup on a new car.
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ORNL FCU began originating VA and FHA mortgages as well as the Convertible Adjustable Rate Mortgage. In February, ORNL FCU began offering VIP Boat/Recreation Vehicle Loans.
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On July 1, the Lenoir City branch began serving ORNL FCU members only in another step in the dissolution in the joint branching with K-25 FCU.
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ORNL FCU wanted the family concept to be more than just an image. ORNL FCU wanted it to be a real, working institution where each member genuinely feels the gratifying sense of “belonging.” Stable, Dependable, Familiar.
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ORNL FCU experienced a 6.2% growth in membership with an 11% increase in deposits and a 9% increase in loans.
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In 1991, ORNL FCU participated in the Operation Homecoming program to raise funds for the armed forces relief agencies when our troops returned from the Persian Gulf. ORNL FCU also participated in the Angel Tree program and participated in their fifth year in the Partners-In-Education with Willow Brook Elementary School
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Within the pages of the Annual Report, ORNL FCU explained what “spread” is in the financial world and how ORNL FCU tried to maintain a spread of 3 to 4%.
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ORNL FCU began offering the 3 to 1 Convertible Adjustable Rate Mortgage, Mortgage Rate Lines, and Fast Equity Lines.
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Partnered with Willow Brook Elementary in the Adopt-A- School program, contributed to the Oak Ridge Campus for Roane State Community College.
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In 1992, a $20,000 endowment fund was established to honor the retiring President and CEO of ORNL FCU, Bob Candler.
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Bob A. Candler Retired as President and General Manager of ORNL FCU and John McKittrick became president.
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ORNL FCU completed another merger with Vinylex Credit Union.
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ORNL FCU completed another merger with ORAU Credit Unions.
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ORNL FCU began offering double play certificates, as well as a new Credit Card program that offered eight differently priced credit cards for differing needs. They also added the new Cheque Mate Card which acted as a check with the swipe of a card. This card could also be used for ATM transactions. The additional of a Toll Free number was also added to the services available to members.
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ORNL FCU expanded their Real Estate Department by offering 3-year ARM. 3-year Convertible ARMs, and pre-approved Home Loans
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Due to Truth in Savings regulation changes, ORNL FCU changes the dividend calculation method on regular share account to a daily method as well as reviewing and changing interest rates on a weekly basis for Money Market Accounts.
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ORNL FCU expanded their HELOC program. They also created one number for rates as opposed to three of four numbers to call to obtain rate information.
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ORNL FCU developed their direct lending program with car and boat dealers in the area which permitted members to arrange Credit Union financing for cars and boats on-the-spot at participating dealers.
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ORNL FCU assisted Habitat for Humanity of Anderson County in obtaining a $25,000 grant for the construction of affordable housing for low income families in the area.
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This expansion brought with it two new drive-up ATMs for more convenient service.
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AUTOSEARCH was introduced to members. This new service permitted members too easily and quickly shop for a new or used car throughout the local area in which the member was given 90 days to find a vehicle with a $25 fee; however, the fee was refunded if the member financed the vehicle with ORNL FCU.
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Personal Branch is a service that allows member to dial-up to the Credit Union's computer to review accounts, perform transactions, communicate to teh Credit Union and even pay bills.
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ORNL FCU added webzine to their website which was an electronic version of the Home and Family Finances (formerly Everybody’s Money). ORNL FCU also started providing both Roth and Education IRAs..
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During 1997, public attacks against the credit union movement caused uncertainty as the fate of credit unions lied in the hands of the U.S Supreme Court. A negative decision would cause credit unions to gather support for a solution. A call to action to contact your Congressman on behalf of the credit union was requested.
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On November 1, 1998, ORNL FCU converted to a new Core Software System to avoid problems related to Y2K as well as to take advantage of what the future holds.
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ORNL FCU introduced Cyberbranch, their home banking platform.
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ORNL FCU created the Member Financial Service Program that offered financial planning, brokerage assistance, insurance and more.
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Added Googolplex to ornlfcu.com for kids and changed the look of the website.
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ORNL FCU began offering the Senior Checking Account and the E-Checking Account in the first quarter. In the second quarter, the MEMBERS Financial Service Program got new product offering with CUNA Mutual Insurnace. In November, ORNL introduced the Looney Toon Savers Plan and the Student Money Management Account in conjunction with the new publications for kids and teens:, Pocket Change and Money Management. ORNL FCU also introduced their Member Relationship Reward Program.
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ORNL FCU opened the Oak Ridge Wal-Mart and Farragut Branches.
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ORNL FCU made Web Bill Pay available to members; however, it was, at this point, limited to ORNL FCU credit card payments.
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"Exceeding our members' expectations, one member at a time."
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ORNL FCU introduced the new Web Bill Pay service to its members; however, it was limited to ORNL FCU credit card payments. They also introduced the Vacation Savings Club, Guaranteed Auto Protection program, Education HELOC, and VISA Platinum Credit Card Program. Easy Street was formed as a result of other organizations charging for the use of their ATMs. Easy Street is a network of surcharge free ATMs.
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On December 19, 2002, ORNL FCU received approval to become a community chartered credit union to serve the 16 counties known as Central East Tennessee.
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The expansion of the PSL was altered which resulted in the new Enhanced PSL. In the fall, ORNL FCU began their Qualified Credit Program.
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ORNL FCU opened the Morristown, Lab, and Halls branches.
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In 2003, ORNL FCU transferred their credit union portfolio to Individualized BankCard Services. Because of the Cheque Mate Card, the Money Belt card was discontinued. The new e-newsletter was introduced entitled Update. Also, the Member Business Department added card-processing services as well as adding Small Business Administration Loans.
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ORNL FCU established the CUSO.
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ORNL FCU became the first presenting sponsor for the Dogwood Arts Festival.
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ORNL FCU began offering Quick Close HELOCs, Free Checking, and Check 21
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ORNL FCU was involved in the community in the following ways:
Habitat for Humanity, B.A Candler Scholarship Fund, Community Shares, Adopt-a-School, and providing a special bonus dividend of .25% of total shares. -
“Enabling Our Members to Achieve Their Financial Goals by Being There — When, Where and How They Need Us.”
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ORNL FCU opened the South, West, and Middlebrook Food City Branches.
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ORNL FCU started providing VISA Gift Cards, Financial Assistance to low-to-moderate income families with first-time home purchases with the "people helping people" program, and enhanced the Web Bill Pay service.
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ORNL FCU teamed up with the Tennessee Conference Community Development, Inc. to offer financial assistance to low-to-moderate-income families with first-time home purchases. ORNL FCU also participated in the Buddy’s Race against Cancer, March of Dimes, United Way Donations, Alzheimer’s Association Memory Walk, Dogwood Arts, and helping Austin-East Magnet High School.
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ORNL FCU opened the Sevierville, Kroger Powell, Harriman, Rockwood Wal-Mart and the new East Branch. Oak Ridge Wal-Mart was updated.
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ORNL FCU began offering HSAs and introduced the BALANCE Financial Fitness Program as well as the CUDL AutoSMART program. ORNL FCU also created the CU Community Insurance, LLC through their CUSO.
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ORNL FCU became a $1.054 billion organization.
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ORNL FCU was involved in the community in the following ways:
Dogwood Arts Festival, Dragon Boat Race, Junior Achivement, Scholarships, and Angel Tree Ministries. -
ORNL FCU made e-Statement available through Cyberbranch.
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ORNL FCU built the Northshore Kroger, Morrell Road, LaFollette, Farragut Kroger, Maynardville Food City, Lenoir City Food City, and Bearden branches. They also relocated the Madisonville branch for member convenience.
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Partnered with CSIdentify for Identify Theft Protection and implemented Camp Money Matters: Financial Literacy Program for teens.
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ORNL FCU Reintroduced their VISA Platinum Credit Card and created the Laid Off Assistance Program for their members. ORNL began using "Borrow Smart. Save Smarter" as their slogan.
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ORNL FCU built the Loudon and Clinton Food City for member convenience.
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ORNL began using "Borrow Smart. Save Smarter" as their slogan.
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the Credit Union updated the Alcoa, Fountain City and Morrell Road branches.
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ORNL FCU began to offer the S.M.A.R.T Financial Education Program, S.M.A.R.T Debt Protection and created the model "Aspire, Acheive, Thrive, Relax, Enjoy." Young & Free was also implemented.
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Assets and membership continued to grow as ORNL FCU reached $1.35 billion in assets as well as 151,026 members.
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Online Banking replaced Cyberbranch as ORNL FCU home banking platform.
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ORNL FCU centralized their underwriting into one location in order to make the approval process more efficient and to reduce the variance in loan approval.
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100% of ORNL FCU employees went through the Be Amazing! training program in to help ORNL FCU become the "preferred credit union in East Tennessee, by delivering unparalleled, enhanced member value."
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ORNL purchased property in the Northshore area for the construction of it's 33rd branch. "Northshore Town Center is a 134-acre site located at Pellissippi Parkway and Northshore Drive. The development’s master plan anticipates retailers, restaurants, entertainment, office space, plus single-family homes, multi-family homes, apartments, condos and townhomes, all complemented by a five-acre lake." (1) 1 -"New Branch to Open at Northshore Town Center." Update [Oak Ridge] n.d., Vol. 48 No. 3 1. P
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“Becoming the preferred Credit Union in East Tennessee, by delivering unparalleled, enhanced member value.”
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Your Credit Union is more than just financially
fit – it’s physically fit! Recently, ORNL Federal
Credit Union employees and family members were
“On the Move” in two local events: The Covenant
Health Knoxville Marathon, which was held on
April 7th in downtown Knoxville, and the Juvenile
Diabetes Research Foundation (JDRF) Walk to Cure
Diabetes, held on May 11th at World’s Fair Park. There were 89 ORNL Federal Credit Union
employees who participated in the Knoxville
Marathon. -
On May 6, 2013, ORNL FCU implemented two new fees to insure the financial strength of the members credit union remained sound. The two fees implemented were the "Paper Statement Fee" as well as the "Overdraft Transfer Fee."
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Thanks to members, ORNL Federal Credit Union has been recognized by the National Association of Federal Credit Unions as one of the top participating credit unions in the NAFCU/PAC Pals Program! Sales of the NAFCU/PAC Pals concluded at the end of May, with over $7,000 raised to support the NAFCU/PAC.
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In 2013, the "Don't Tax My Credit Union" campaign was started by credit unions to ensure that Congress doesn't raise taxes on 96 Million credit union members nationwide. Polititias are considering the overhaul of the federal tax code.
