Nonprofit Financial | Family Savings FCU Celebrates 60

Bowers journeyed to Madison, Wis., to revisit the Credit Union National Association and pick up more about the process. When he returned to Gadsden, he began recruiting others. In 1951, Bowers and 6 others any deposited $5 in addition to a 25-cent price to take the credit association charter. The other first members were Robert D. Ford, Hoyt Estes, Glenn T. Benefield, Charles M. Evans, Jesse D. Taylor and John Madison.

A credit association is a nonprofit financial establishment that is owned by its members. By pooling their funds, members can make loans to any other and supply financial services. For Family Savings, the first element is summed up with ?Not for Profit, Not for Charity, But for Service.?

President and Chief Executive Officer Monte J. Hill, reflecting on that principle, said, ?We offering a protected place for members to save for their future, and affordable loans for things trimming from refrigerators to automobiles. If a associate indispensable a tiny loan, they could obtain it at Family Savings.?

The early days were really simple, as the credit association operated from a table in the association gymnasium of the United Rubber Workers of America, Local 12, AFL-CIO. In 1956, operations changed in to a tiny house. By 1961, Family Savings was ready for its first actual office, that was on Hoke Street. That office served members until 1973, when the stream domicile at 711 E. Meighan Blvd. opened. That trickery was stretched in 1986 with the addition of a second level.

Now, 60 years after the elementary beginnings, Family Savings Federal Credit Union has grown from 7 members with $35 to more than 53,000 members with more than $260 million in assets. Family Savings continues to offer Goodyear employees and has grown to add locations in Alabama and Georgia, portion any person who lives, functions or worships in Etowah County or in the northwest 10 counties of Georgia.

?A lot of things have changed over the past 60 years,? Hill said. ?We right away offer a far-reaching accumulation of services from share breeze accounts (checking accounts) to 24/7 account access by online and mobile banking. As in the past, a associate can still obtain a loan for a fridge and now, interjection to the solid expansion and strength of Family Savings, they can prepare financing for their mental condition home as well.?

Family Savings is celebrating this miracle Saturday with a special 60th jubilee annual membership discussion at Gadsden Convention Hall. Registration will start at 1 p.m. and the discussion will start at 2 p.m. All members are speedy to attend. There will be a 1950s thesis total with ?50s tunes and foods.

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