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6The Daily Tar Heel Friday, April 17, 1987
evived fraternities work
to build successful tradition
TUNC credit union
makes final plans
for fall '87 openin:
By TOM MCCUISTON
UNC will be the first university
in the Southeast to operate a
student-run credit union and the
15th nationwide to do so if plans
go accordingly, said junior Todd
Hart, president of the board of
directors for the UNC student
The credit union received its
charter Friday from the State
Credit Union of the N.C. Depart
ment of Commerce and has
already been allocated floor space
in the Carolina Student Union for
next year. Hart said.
"The only hurdle left is getting
Federal Share Insurance which
insures each account," he said.
"Hopefully we will have it by the
end of May."
Though services will initially be
minimal. Hart said, the number
of services offered will increase as
"Our goal is to provide low cost
financial services such as share
accounts (savings) and share draft
accounts (checking)," Hart said.
The credit union will offer short
term loans that students may not
be able to get at banks as well
as lower interest rates on the
"We have no overhead costs,
rent costs or salary costs, so we
can offer better interest rates,"
said junior Erika Birg, chairwo
man of the marketing committee
for the credit union.
Birg said there would be no
charge for checking or savings
services and no limit on the
number of allowable savings
withdrawals per month.
Hart said the credit union may
offer services such as credit cards,
share certificate accounts (CD's),
traveler's checks and possibly
automated teller service in the
"In a few years, I feel we will
be competitive with full-service
banks," he said.
The idea of student-run credit
unions is not an untried risk.
The University of Massa
chussets at Amherst, whose credit
union was chartered in 1975, has
approximately $1 million in
assets, said Jerry Garvanian,
treasurer of the U M student credit
union. "We have about 3,000 out
of 25,000 students using the credit
union," he said.
Ron Pape, general manager of
the Student Federal Credit Union
at the University of Connecticut,
said approximately 3,000 out of
18,000 students employ the credit
union there. Operations have
been so successful that the credit
union has purchased an auto
mated teller machine, he said.
"If my money is guaranteed, I
think I would (deposit my money
in the student credit union)," said
Steve Lilley, a junior from Gates.
"It would be good if it offered
students money for school, being
that the government is cutting
back money on education," he
Hart seemed optimistic about
the credit union's chances for
"Even if we only get one
percent of the student population
to invest $1000 each, that would
be $220,000," he said. "We want
to service student needs and to
do what students want. We aren't
trying to compete with (area
By LYNN PHILLIPS
I he word fraternity often
brings to mind the fun
events, such as mixers and
formals. For two rechartered UNC
fraternities. Lambda Chi Alpha and
Theta Chi, the fun has followed
after much hard work at reestab
lishing their Greek organizations.
Lambda Chi Alpha was
reworked into a new group last
spring, when the national office
visited Chapel Hill with an interest
in recolonizing the UNC chapter.
The fraternity was rechartered
within six months of starting work.
Two hundred students rushed to be
a part of the new fraternity and 35
Two years ago the national fra
ternity of Phi Delta Chi became a
professional pharmacy fraternity.
Only 20 percent of the fraternity
brothers were pharmacy majors in
the UNC chapter. The group
decided to affiliate with the
national Theta Chi chapter and
received a charter in October 1985.
Both fraternities have had to
work to build the fraternities into
successful organizations. Tommy
Warlick of Lambda Chi said, "We
started as a loose group of friends,
and built the fraternity into one of
the strongest chapters in the state."
Lambda Chi's membership has
grown quickly, with numbers that
rank with fraternities who have not
had to recharter. Campus involve
ment of the brothers is also high.
The fraternity has brothers who
serve on the UNC Honor Court,
write for the DTH and are Student
Lambda Chi president Dan Ray-
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Brothers of the Lambda Chi Alpha fraternity hold up their new charter
nor said, "It's definitely been a chal
lenge, but the fraternity has already
surpassed everyone's expectations.
Our progress has been rewarding."
One of the projects that faced
Lambda Chi was cleaning up the
main fraternity house and adjoining
house to make them liveable again.
With the help of workmen and the
brothers, new carpet was put in, a
coat of paint was put on the house,
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Last time to turn one in is Tuesday, April 21 by 12 Noon
and other restorations were
For the Theta Chi chapter, their
main concern now is to find a
house. Because of the Chapel Hill
zoning laws, the chapter has been
unsuccessful in finding a suitable
house. However, the group is
strong without a house.
"Not having a house is not a ter
rible handicap. We feel we have just
as much to offer," Theta Chi Jeff
Theta Chi has also been active on
the UNC campus. They held a
soccer shootout, which raised
$1,000 for the Ronald McDonald
House. They also co-sponsored this
year's Springfest activities. Social
activities include mixers held in
conjunction with other fraternities
and the Theta Chi chapters at N.C.
State University and Duke
Theta Chi membership is grow
ing after the fraternity reworked
several things about their rush.
"Our rush this semester was much
more successful because we'd
realized what we are and aren't cap
able of," Ostendarp said.
Pledge John Buie described
Theta Chi rush by saying, "I liked
the fact that they are a diverse
group of individuals, and the
smaller size enabled me to get a
more complete view of the frater
nity and to integrate faster."
Manager Pat Jones with Aerobics Staff
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