ORNL Federal Credit Union, Oak Ridge, Tenn., celebrated the 70th anniversary of its founding on Aug. 6, and is marking the occasion in several ways throughout the month – topped by a special dividend to its members.
The CU was established in 1948 by 10 founding members as Oak Ridge National Laboratory Employees Federal Credit Union. As the credit union’s history page notes: “ORNL itself was only six years old at the time. Known first as X-10, then as Clinton Laboratories, it had carried out the critical but highly secret task of producing and separating plutonium for the atomic bomb that would end World War II. In January 1948, after a period of uncertainty, it was rechristened the Oak Ridge National Laboratory, designated by the Atomic Energy Commission as one of three original National Laboratories. With the future of the Lab itself in place, it was time to build a financial institution to serve the several thousand workers who would staff the Lab as it transitioned from war to peacetime research.”
The now $2 billion-asset credit union said it has been honoring its past, present and future throughout 2018. The $3 million special dividend was approved by the board of directors at a recent board meeting. It is the first dividend issued since 2005.
“In declaring the special dividend, the board noted 2018 has been an exceptional year and, as a member-owned financial cooperative, this is one way the credit union returns value to all its members,” the CU said in a statement.
In addition to the special dividend, ORNL FCU announced it would be commemorating its 70th anniversary by donating to member-nominated non-profit organizations. Seven East Tennessee organizations will be selected from member nominations and each will receive a $10,000 donation from the credit union.
“The credit union has experienced strong growth, good earnings and remains well-capitalized,” said Randy Gorman, ORNL FCU’s board chair. “For these reasons, and to celebrate the 70th Anniversary, this special dividend is an appropriate way to return value to the members.”
The special dividend and member-nominated community donations are unique opportunities for us to express appreciation to our member owners and the East Tennessee community. Because of them, ORNL FCU thrives and will continue to thrive well into the future,” said Colin Anderson, ORNL FCU’s president and CEO.
