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Spray, N. C., February 6, 1967
NO. 14
Credit Union Assets Nearing $2 Million
y^sets of the Fieldcrest Mills Credit
tnt ^re nearing the $2 million mark,
“baling $1,948,733 at the end of 1966
^Pared with $1,637,221 a year ago.
V ir> the Credit Union was
ea r’ increased from 6,426 a year
. aer. Dividends on savings paid dur-
year totaled $60,985 compared
$47,070 the previous year.
are highlights of the financial
be presented at the annual mem-
^ rship meeting Friday aftemocn, Jan-
YMo Consolidated Central
Of Spray. W. B. Lucas, president
me Fieldcrest Mills Credit Union,
and called on R. L. Wilkes, sec-
(,i„f^~treasurer, to discuss the finan-
..'^^atement.
J*L Tri.
In presenting some of the operating
statistics, Mr. Wilkes pointed out that
the Credit Union made 7,552 loans in
1966, compared with 5,944 the previous
year. The loans totaled $1,461,831 in
1966 compared with $1,343,370 in 1965.
Mr. Lucas described the Credit Union
as an additional benefit for Fieldcrest
employes which provides a place where
they can invest money and receive a
fair return and also where members
can obtain convenient low-cost loans,
when they need to borrow money.
“The Fieldcrest Mills Credit Union
has a continuous history of success and
growth in every year of its existence,”
Mr. Lucas said. He pointed out that the
Credit Union is in excellent condition
£i-Cities For 1966
Mills Put $28-Million Into Economy
f)f^®^dcrest Mills’ contribution to the
>H of Leaksville-Spray-Draper
Pairi was to the tune of $28 million
■■oil Tri-Cities alone in pay-
Hg for city and county taxes and for
®gs equipment and build-
tjj^*j'forgirding a substantial portion of
fijy^^o^eal economy were the company’s
'Jeldc:
of $22,783,090 paid to 4,637
I’est employees in the Iri-City
*“^fy taxes paid by Fieldcrest in
3rea.
L,
$2®’"svilie’ Spray and Draper totaled
Coi fho company’s Rockingham
taxes were $253,525; and total
.^^^^J^midpersonalpropert^tm^
Give Blood Feb. 16
the p ^ donors are urgently needed for
fon , ®odmobile visit to St. Luke’s Epis-
Church
in Spray Thursday,
^ary 16, 11 a. m. until 4:30 p. m.
Ciy^ahors from all parts of the Tri-
to donate at this
•bob' ^®^her than wait until the Blood-
comes to their localities. Donors
Leaksville are especially urged to
in view of the failure to meet the
“Tt. Leaksville visit January 3.
Vjj good position our Blood Program
beginning to achieve has now been
b^dized and we need to put forth
effort,” Guy Buckle, Tri-City
.^'d Program chairman, said.
paid in Rockingham County, including
city and county taxes, were $501,453.
Expenditures for new machinery,
equipment and buildings in Leaksville-
Spray-Draper totaled approximately $5
million, well over half of such expen
ditures by the company at all of its lo
cations. The $5 million spent in 1966
made a total of close to $28 million in
capital expenditures in the Tri-City area
since October 1, 1953, when Fieldcrest
Mills, Inc. was organized.
Fieldcrest in 1966 paid over $1,000,000
in Social Security taxes and payroll
taxes for unemployment insurance for
Tri-City employees. By law, the com
pany pays half and the employee half of
Social Security taxes but the company
pays 100 per cent of the taxes to pro
vide state-administered compensation
for eligible employees when out of work.
Most of the $28 million pumped into
the local economy by Fieldcrest opera
tions was in direct payments. Additional
large sums were distributed in vhe form
of fringe benefits to the 4,637 active
employees and their dependents and for
pensions to the company’s retired em
ployees, a majority of whom aie resi
dents of the Tri-City area.
The expenditures made for purchases
of goods and services from local firms
are not included, nor do the figures in
clude money paid out at other manu
facturing locations or for sales activities.
Expenditures for raw materials also are
excluded.
and continues to enjoy a healthy growth,
as it has from the beginning.
He cited the fact that 85% of the Tri-
City employees and 67% of all company
employees belong to the Credit Union as
evidence that the Credit Union is some
thing which the employees like and ap
preciate. He described the spectacular
growth of the Credit Union since it was
organized in 1958 and praised “those
who make it work.”
In closing, Mr. Lucas expressed his
appreciation to directors and committee
members whose terms were expiring for
their service to the Credit Union.
The following were elected to the
board of directors of the Credit Union:
W. B. Lucas, J. G. Cunningham, R. A.
Harris, H. H. Newton, and R. L Wilkes.
Elected to the Credit Committee were
R. D. Cherry, T. H. Knott, and T. R.
Ray.
The following were appointed to the
Supervisory Committee: C. H. Hall, R.
R. Roberts, and J. L. Burchell.
Other members of the board of di
rectors are C. E. Butler, L. E. Chewning,
(Continued on Page Six)
Committee To Accept
Scholarship Requests
Ihe Fieldcrest Scholarship Committee
and the Muscogee Scholarship Commit
tee February 13 will begin accepting ap
plications for scholarships given to as
sist employees or children of employees
of Fieldcrest Mills, Inc., in obtaining a
college education.
An application form may be secured
from the industrial relations represent
atives or personnel offices at the mills;
by calling at the Employment Office of
Fieldcrest Mills, Inc., in the General Of
fices building in Spray; or by writing to
Dr. William McGehee, director of per
sonnel research and training, Fieldcrest
Mills, Inc., Spray.
The scholarship program covers all
locations of Fieldcrest Mills. Except at
Muscogee, the scholarships are provided
by the Fieldcrest Foundation.
Individuals who wish to be consider
ed for the scholarships must submit an
application in writing prior to April 1,
1967, to the Scholarship Committee.
Awards of the scholarships will be an
nounced by June 1, 1967.
Both the Fieldcrest and Muscogee
(Continued on Page Three)