> if.,Published by Fioldcrest Milk, Inc, ■ Plants ioccrted in Spray, Droger ond LetdeviHe, N. C. and Fieldol«, Vo.
Spray, N. C., Monday, July 14, 1958 NUMBER 1
CREDIT UNION TO START OPERATION^
^ving And Borrowing
Will Serve N. C.
*‘ea At Beginning
Th
'^•'artp Mills Credit Union was
Serve North Carolina June 20 to
viiig „ *®'dcrest employees in the Leaks-
Cretjjj ?*^®y'Draper Purpose of the
sjstetv, , is three-fold: to encourage
loatis savings or thrift; to make
bers members; and to help mem-
■Jiorp their own finances in a
adequate manner.
to make Credit Union trans-
Rployg^ convenient as possible for em-
savings and loan repay-
I handled through payroll de-
is open to all Fieldcrest
is pq ®.'*'Ployees in North Carolina. It
'Nation employees at other lo-
Paf|: ? •’^ay be given an opportunity to
•Pate at a later date.
To Become A Member
®'^Ployee in the North Carolina
ioti wishes to join the Credit Un-
contact his supervisor for
PlicgjT^^ion and for a membership ap-
card. An employee becomes a
iilg g by paying a 25c fee and by sign-
/^3rd authorizing the company to
fro^ 3 specified amount of savings
Uejj®®ch pay check. Savings of as lit-
^ "250 a week are accepted.
are made for medical bills,
^'^*^001 expenses, consolidating old
^'^y'ng for cash rather than on
'^’cnts, clothes, vacations and many
tof ^ "worthwhile purposes. To apply
the n. an employee who has joined
*’®dit Union should contact his su-
I **>ee( who will arrange for him to
•ivg the Credit Union representa-
the area. At the beginning, the
*^rr y*' amount an individual can
is $200 but, as the Credit Union
^°ans of greater amounts will be
^ Low-Cost Loans Made
Union is simply a group of
au(j ® who operate their own savings
°'^rowing plan right where they
''isgjj *^^der a plan chartered and super-
government agencies. The ac-
savings are used to make
'^ost loans to the members to make
important purchases or tide them over
emergencies.
The Credit Union makes it easy to
save systematically out of present in
come and pays good dividends on the
money put aside. The habit of thrift
and the future security it brings is one
of the big benefits of belonging to a
Credit Union. Many members keep add
ing to their savings even when they ob
tain a loan.
The soundness of the Credit Union
idea has proved itself for over 100 years.
Today there are more than 20,000 Credit
Unions in the United States. They have
proved successful in many leading com
panies in the nation and in North Caro
lina.
The financial soundness of the Credit
Union is safeguarded in several ways:
by incorporation under state law, by a
supervisory committee which periodical
ly inspects the books independently of
the treasurer, by an annual examina
tion of the books by a state authority
and by bonding the treasurer and all
other officers who handle money.
The Credit Union is a self-supporting,
all-employee activity similar to our Mu
tual Aid Association. It is run by its
members and is entirely owned by its
members. Again like Mutual Aid, all
benefits gained from successful opera
tion are returned to the members. Only
the members have money in the Credit
Union—and only its members can take
money out, use its services, vote for
its officers, or manage its affairs.
The Credit Union is headed by volun
teer officers elected from the member
ship. Each member has a vote when of-
(Continued on page three)
A Message From Our President
Will you please take time to read the article on this page which
announces the formation of a Credit Union at our North Carolina
mills. I am happy that a Credit Union has been chartered here
and feel that it will be of value to employees in helping them to
build financial security and stability.
Credit Unions have a long and praiseworthy history, helping
their members to save systematically and successfully and provid
ing loans quickly, conveniently and at low cost to the borrower.
There are thousands of Credit Unions in the United States and in
North Carolina. They are found in many leading companies of all
types. Business, government and church leaders alike enthusiasti
cally endorse the Credit Union idea.
Fieldcrest Mills believes in the soundness of the program and
is glad to give encouragement to this means of improving the ma
terial welfare of employees. As a convenience to those who will
participate in the plan here, the Company has agreed that savings
and loan repayments may be made through payroll deductions.
I invite you to learn all you can about the Credit Union by read
ing the accompanying article and by talking with the Credit Union
representative at your mill. You will find it offers wonderful
opportunities for regular savings and for financial help, enabling
you to enjoy greater freedom from personal money worries.
President