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I^Sl Eden, N. C„ July 17, 197^ Nq. 1
$100,324 Dividend Paid By Credit Union
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f*ayment Is Largest In History
Credit Union Has $41/2 Million
In Assets And 9,000 Members
Credit Union members at Fieldcrest
Mills have received a record-breaking
$100,324 in dividends for the six months
ending June 30, making a total of $881,-
358 in dividends paid since the Credit
Union was. started in 1958.
In comparison, the dividends paid lor
the same period a year ago totaled $82,-
456. The amount paid for the last six
hionths of 1971 was $91,457.
The June 30, 1972, dividend was at
the rate of 6% per annum,. This rate
'"'as made effective July 1, 1970, and
'yas the fifth increase in dividend rates
®ince the establishment of the Credit
The Fieldcrest Mills Credit Union has
Paid a dividend of at least 4% per an-
hum each six months since it was or-
Sanized. The first increase was from
4% to 41/4% effective January 1, '1965.
It was raised to 4%% a year later and
this rate remained until January 1,
1968, when it became 5%. The rate be-
carne 51/2% after another year and ef-
tective July 1, 1970, was increased to
the present 6%.
In addition to the increasing dividend
fieldcrest Stores Are
Holding Summer Sales
Annual Summer Sales at the Field-
crest Stores in Eden and Columbus, Ga.,
^*■6 under way and will continue through
As usual, a broad assortment of Field-
®^est merchandise is available in these
Outstanding sales events. The distinc-
ive Yves St. Laurent Collection again
>s offered at reduced prices, along with
Popular items from other product lines,
heets, towels, blankets, bedspreads,
The Thrift Shop is offering its usual
Okcellent values in irregulars, discon-
uiued styles, samples, etc.
The employees’ discount (25%) ap-
Phes to the sale prices in the Fieldcrest
hop. There is no discount on purchases
,P the Thrift Shop where merchandise
. ®old to employees and the public at
he same low prices.
rate, the Credit Union early in 1968 re
duced the interest rate charged on
loans from 1% to nine-tenths of 1% a
month on the unpaid balance.
Statements have been distributed to
all Credit Union members showing the
amount of dividends received, the mem
ber’s share account, the loan balance, if
any, and interest paid.
If any member failed to receive his
statement, or has any question concern
ing his account, he should contact the
Credit Union Office.
With $4 V2-million in assets, the
Fieldcrest Mills Credit Union has ap
proximately 9,000 members from near
ly all company locations, representing
over 80% of all employees eligible to
These members have the opportunity
to enjoy regular savings through pay
roll deductions and hundreds of mem
bers have borrowed from the Credit
Union. Since its organization the Credit
Union has made approximately 90,000
loans, totaling over $18-million.
The purpose of the Credit Union is
to encourage systematic savings; to
make low-cost loans to members; and
to help members handle their finances
in a more adequate manner.
In order to make Credit Union trans
actions as convenient as possible, the
Coinpany cooperates by permitting both
savings and loan payments to be han
dled through payroll deductions.
Employees who are not members of
the Credit Union are invited to join. All
that is required is for the employee to
pay a 25c fee and sign a card authoriz
ing the Company to deduct a specified
amount of savings from each paycheck.
If you are not a member and wish to
join, you may obtain an application card
from your departmental supervisor or
from your mill Personnel Office.
Mr. Snow, Former Fieldcrest Chairman, Dies
William Brackett Snow, 74, a director
and former chairman of the board of
Fieldcrest Mills, Inc., died June 21 after
a brief illness.
Mr. Snow was chairman of the board
from the date the Company was or
ganized until April 25, 1967, and con
tinued as a director until his death.
He was a member of the board’s ex
ecutive committee from June 22, 1970,
until his death.
A resident of Brookline, Mass., Mr.
Snow was former president and chair
man of the board of Suffolk Franklin
Savings Bank and was a leader in Bos
ton business and financial circles for
more than 40 years.
He was president, director, trustee
or officer of more than 20 firms during
his half-century involvement in the
Boston business community.
Mr. Snow was a member of the class
of 1918 at Harvard and captain of that
year’s Harvard football team. He de
layed his graduation until 1921 by en
listing in the Navy in World War I,
where he attained the rank of lieuten
ant junior grade.
He is survived by his wife, Anna
WILLIAM B. SNOW
(Wheeler); a daughter, Mrs
Harwood of Chestnut Hill;
A memorial service was held at 2
p.m. Monday, June 26, in King’s Chapel,