Credit Union Assets Near $3'/!! Million
“•'tinuous Growth Shown Since
j^ganization In 1958; Total Of
’ 5 Fieldcresters Are Members
Th
sh Fieldcrest Mills Credit Union
^'^tistantial growth in 1970 with
Ijfj ,'’®ase of nearly a half-million dol-
assets. Total assets at end of the
SJOrq"!®*'® $3,420,351, as compared with
jjj *^.901 at the close of 1969.
Ctsg^'^ai’ship in the Credit Union in-
’9?o from 8,386 in 1969 to 8,765 in
later figure represents 77%
Of those eligible to join.
Credit Union paid dividends on
’all
^hf
paiLt uiviuciiua oiJ
in 1970 totaling $135,381, com-
V $108,533 the previous year.
S607 IP ■ payments made a total of
the Credit Union has paid in
■[,j^®hds since it was organized in 1958,
'^hrrent dividend rate is 6% per
tlif ’ having advanced steadily over
The Credit Union has paid a
.. ®hd of at least 4% per annum on
‘Zed.
each six months since it was
fh
fOf|, above are highlights of the re-
Jte g the financial statement given at
't meeting of the Credit Union
'‘^inference room at the General
® Friday, January 22. The state
ment is printed elsewhere in this issue
of The Mill Whistle.
L. E. Chewning, president of the
Credit Union, reviewed the financial
statement and presented some of the
more significant operating statistics.
“The Credit Union had another suc
cessful year in 1970 and continues in a
sound position. Both the assets and the
number of members showed important
increases during the year,” he said.
“Its reserves are sound and it has
maintained a conservative ratio of loan
balances to share accounts. We continue
to be proud of the constant growth and
success of the Credit Union and we
know from its wide use that it is per
forming a genuine service for em
ployees.”
Mr. Chewning expressed apprecia
tion to the many persons in the Com
pany who serve the Credit Union on a
volunteer basis as directors and com
mitteemen, contributing their time and
abilities to this all-employee activity.
The following were elected to the
Credit Union board of directors: T. W.
Graves, Jr., R. A. Harris, T. H. Knott,
H. H. Newton and R. L. Wilkes.
Other members of the board of di
rectors are: L. E. Chewning, M. B.
^,^(ho!arship Requests Will Start February 8
j,, ^^eldcrest Scholarship Committee
j, ® Muscogee Scholarship Commit-
%jy°*Tary 8 will begin accepting ap-
^ scholarships to be given
employees or children of em-
® Fieldcrest Mills, Inc., in ob-
a college education.
\ application form may be obtained
?''ll vj personnel managers, the
% Personnel offices, or by calling at
■‘lis IPPieyment Office of Fieldcrest
l?g (1 Pp-i in the General Offices build-
°r by writing to Dr. Wil-
V- 'IcGehee, director
^'565j,_l^^^cnee, airector of personnel
h and development, Fieldcrest
' Ihc
and
^^he., Eden, N. C., 27288.
? wish to be consider-
scholarship must submit an
ation in writing prior to April 1,
° Scholarship Committee.
°f the scholarships will be an-
by June 1, 1971.
Alg I'I'c Fieldcrest and Muscogee
®hips are now worth $4,000 each
over a period of four years at the rate
of $1,000 for each of the four years of
college attendance.
The scholarships are awarded to high
school graduates who are entering col
lege for the first time. To be eligible
for consideration for a scholarship, the
recipient must plan to enroll in an
academic four-year college or univer
sity in a course of studies for a recog
nized undergraduate academic degree.
An employee must have been in the
employment of Fieldcrest Mills, Inc., for
at least one year to be considered for
a scholarship. The children of an em
ployee of Fieldcrest Mills, Inc., are eli
gible for consideration for a scholar
ship award if the employee has been
with the Company for one year or more.
The scholarships were first awarded
by the Fieldcrest Foundation in the
fall of 1960. To date, a total of 50 Field
crest Scholarships and 18 Muscogee
Scholarships have been granted.
Franklin, E. W. Sams and J. F. Scott.
At its organizational meeting the
board of directors elected the follow
ing officers: L. E. Chewning, president;
M. B. Franklin, vice president; and R.
L. Wilkes, secretary-treasurer.
The following were appointed mem
bers of the Su_pervisory Committee: G.
A. Atkins, J. H. Goodman, Jr., and C.
H. Hall.
Committee chairmen named were C.
H. Hall, Supervisory Committee; and
W. O. Marlowe, Jr., Membership and
Educational Committee.
New Plant Manager
Beaman W. Byrum has been appoint
ed plant manager of the Worthville
Spinning Mill, replacing James R.
Wright who resigned to accept a posi
tion elsewhere.
Mr. Byrum was formerly superinten
dent of carding and spinning at the
Bedspread Mill, Eden, and has been
with Fieldcrest since 1963. He is a na
tive of Salisbury and prior to joining
Fieldcrest was a spinning supervisor
for J. P. Stevens and Co. at Roanoke
Rapids.
He earlier was associated with a
number of other southern textile firms
as a spinning or carding and spinning
supervisor.