Eden, N. C., February 2, 1970
Credit Union Shows Growth During 1969
jjPtal Assets Exceed $3 Million;
."lancial Statement Shows Steady
*'°wth Throughout The Year
I Fieldcrest Mills Credit Union
U® assets totaling $3,059,901 as of
31, 1969, having increased
(L^ $2,724,252. a year earlier. At the
•jRp 1969, the Credit Union had
' members, a gain of nearly 300
members during the
S(ti 12 per cent of
Woyees eligible to join.
W^f^'^dends on savings paid in 1969
Ihj $108,533, compared with $93,452
l)f P^'evious year. The 1969 payments
C^^ght the total to $471,741 that the
Stic \ Union has paid in dividends
® it was organized in 1958.
Sd Union has paid a divi-
h Hm each six months since the Credit
. °n Was organized. The rate was in-
of not less than 4 percent per
from 4 per cent to 41/4 per
5 January 1, 1965.
v^|^®rate was later raised to 41/2
' Start February 9
*e Fieldcrest Scholarship Committee
the Muscogee Scholarship Commit-
(Ij *®bruary 9 will begin accepting ap-
to gtions for scholarships to be given
Hjj^^^ist employees or children of em-
of Fieldcrest Mills, Inc., in ob-
.’Og a college education.
*0 Application form may be obtained
t|)j.p the area personnel managers, the
Personnel offices, or by calling at
i[j, Elmployment Office of Fieldcrest
L Inc., in the General Offices build-
I5 Eden; or by writing to Dr. Wil-
McGehee, director of personnel
Itji.^^ch and development, Fieldcrest
A. Inc., Eden, N. C., 27288.
(ij ^Aividuals who wish to be consider-
ijjjjJpr the scholarship must submit an
l5j!*'^Ation in writing prior to April 1,
to the Scholarship Committee,
''"iin ^ of the scholarships will be an-
5'^^ed by June 1, 1970.
Hi Fieldcrest and Muscogee
O Arships are now worth $3,200 each
*t » A period of four years at the rate
He for each of the four years of
(Continued on Page Two)
per cent and was increased to 5 per
cent January 1, 1968. Also, early in
1968 the interest rate on loans was
reduced from 1 per cent to nine-tenths
of 1 per cent a month on the unpaid
The financial statement for 1969 was
reviewed at the annual meeting of the
Credit Union in the conference room
at the General Offices Friday, January
23. The statement is printed elsewhere
in this issue of The Mill Whistle.
Haven H. Newton, president of the
Credit Union, reviewed the financial
statement and presented highlights of
the operating statistics.
He pointed out that in 1969 the
Credit Union wrote an average of 322
checks per working day involving
transactions totaling an average of
$21,800 each working day. Checks writ
ten during the year for loans and with
drawals totaled $5.3 million.
The Credit Union loaned $2,058,452
in 10,156 separate loans in 1969. Since
organization the Credit Union has made
62,598 loans for a total of $12,104,864.
“The Credit Union is a good solid
operation. Its reserves are in good
shape and it has a sound and very
conservative ratio of loan balances to
(Continued on Page Three)
Fraser Elected V.-Pres. And Treasurer
K. William Fraser, Jr., has been
elected a vice president and treasurer
of Fieldcrest Mills, Inc., effective Feb
ruary 15, replacing Richmond R. Rob
erts, who has resigned effective the
Mr. Fraser at present is treasurer
of John P. Maguire & Co., Inc., a fac
toring subsidiary of Fieldcrest Mills,
Inc., in New York City. He joined
Maguire as a trainee in the Credit De
partment in May, 1963, and became
assistant treasurer in February, 1964.
He was elected to his present position in
He attended the Kent School and
received his undergraduate degree cum
laude from Cornell University. He la
ter earned a master of business ad
ministration degree with distinction
from New York University. Before join
ing Maguire he was associated with
Ingersoll-Rand, of New York City.
Mr. Fraser is a member of the Ameri
can Management Association, the Fi
nancial Executives Institute and recent
ly was elected a trustee of the First
Congregational Church of Old Green
K. W. FRASER, JR.
He is married, with three children,
and at present lives in Larchmont, N.
Y. He will move his family to Eden as
soon as arrangements can be completed.
Payroll Savings Plan Now Has Greater Advantage
President Nixon last month signed
into law a bill which increases the
interest rate on U. S. Savings Bonds.
Formerly paying 4.25 percent. Bonds
now pay 5 percent.
The new 5% rate applies to all out
standing Series E and H Bonds sold on
or after June 1, 1969, if held to ma
turity. The higher rate also applies to
older Bonds. Beginning with the first
semiannual interest period starting on
or after June 1, 1969, rates on outstand
ing E and H Bonds will he increased
to yield 5%, when held to maturity or
extended maturity. The original ma-
(Continued on Page Eight)