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Credit Union Assets Exceed $3-Million
A CHRISTMAS MESSAGE
FROM OUR PRESIDENT
As the year draws to a close, it is again my pleasure
to tell you that Fieldcrest Mills, Inc., has made consider
able progress and improvement in the past twelve months.
It has been particularly favorable for employees, since
for the eighth consecutive year we have raised salaries
and wages and, in addition, our sales volume for most
of the year has necessitated substantial overtime.
This has been a record year in the amount of money
spent for new plants, additions and improvements.
Although sales have held up well, costs are also up
for a number of reasons, and our profits have been affect
ed by these increased costs. Inventories in some cases are
high because of sales volume decreases quite late in the
year, and these inventories may be adjusted in those cases
by some curtailment in plant operations.
Our business in 1970 will, of course, be affected by
general economic conditions and many economists are
predicting a future downturn in business. Whatever the
situation in the new year, our sales organization will be
doing everything possible to insure a good level of pro
duction. I have every confidence that our Company will
continue to get more than its share of the business avail
able in our markets.
I want to express my sincere appreciation for your
loyalty and cooperation and, on behalf of our stockhold
ers, directors, and management, to extend warmest good
wishes for a Merry Christmas and a Happy New Year.
G. W. Moore
Continuous Growth Shown Since
Organization In 1958; Total Of
8,316 Fieldcresters Are Members
The Fieldcrest Mills Credit Union is
a $3-million organization.
Assets of the Credit Union had reach
ed $3,060,435 at the end of the latest
reporting period. Membership in the
Credit Union, one of the largest in North
Carolina, was 8,316, representing a high
percentage of those eligible to join.
Since its organization in 1958, the
Credit Union has made loans totalling
more than $11 million, processing ap
proximately 60,000 individual loans.
The Credit Union has paid its members
$416,022 in dividends on their savings.
The Credit Union has paid a dividend
each six months since it was organized.
The dividend rate started at 4 percent
per annum and was increased to 4%
percent January 1, 1965, and to 4%
percent January 1, 1966. The rate was
raised to 5 percent at the beginning of
Performs Service For Employees
Haven H. Newton, vice president-
industrial relations who is president of
the Credit Union, said: “We are proud
of the Credit Union and its continuous
growth and success. It is performing a
genuine service for employees by pro
viding a place where they can invest
money and receive a fair return and also
where they can obtain convenient, low-
cost loans when they need to borrow
While the Credit Union is a volun
tary, all-employee activity, the Com
pany cooperates by permitting both sav
ings and loan repayments to be handled
through payroll deductions, and assists
in other ways.
Fieldcrest employees who are not
members are invited to join the Credit
Union and take advantage of the bene
fits it offers. Employees may join by
paying a 25c fee and signing a card
authorizing the Company to deduct a
specific amount (whatever the employee
chooses) of savings from each paycheck.