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Eden, N. C., February 19, 1973
No. 16
Credit Union Shows Good Growth In 72
With assets of close to $5 million and
'^ith approximately 9,000 members, rep
resenting 80% of those eligible to join,
the Pieldcrest Mills Credit Union in
^^12 continued the strong growth it has
shown since it was organized in 1958.
Total assets at the end of 1972 were
H980,050, compared to $4,200,521 at
‘he close of the previous year. The
Percentage of membership was approx-
'Kiately the same as at the end of 1971.
The Credit Union paid dividends on
Savings in 1972 totaling $211,019, com
pared to $173,914 in dividends paid in
preceding year. The 1972 payments
Piade a total of $992,055 the Credit
Onion has paid in dividends since its
Organization in 1958.
The current dividend rate is 6% per
®Pnum, having advanced steadily over
he years. The Credit Union has paid
J^ieldcrest Sales Show
^•Tcrease During 1972
Fieldcrest Mills, Inc., has announced
lhat preliminary, unaudited sales lor
he fiscal year ended December 31,
were $243,700,000, an increase of
'% over sales of $227,275,000 for 1971.
Preliminary earnings for 1972 were
$1,500,000 ($2.10 per share), compared
$7,907,000 ($2.22 per share) in the
Preceding year.
a dividend of at least 4% per annum
each six months since it was organized.
The 6% rate has been in effect since
July 1, 1970.
In addition to steadily raising the
dividend rate, the Credit Union early
in 1968 reduced the interest rate charg
ed on loans from 1% to nine-tenths
of 1 % per month on the unpaid balance.
The figures above are from the report
on the financial statement given at the
15th annual meeting of the Credit Un
ion in the Conference Room at the
General Offices, Eden, Friday after
noon, January 26. The statement is
printed elsewhere in this issue of The
Mill Whistle.
L. E. Chewning, president of the Cred
it Union, presided at the meeting and
reviewed the financial statement. In pre
senting some of the more significant
operating statistics, he pointed out that
since its organization the Credit Union
has processed over 100,000 loans, total
ing nearly $20 million.
Mr. Chewning commented on the “fine
growth” shown by the Credit Union and
emphasized the high dividend rate paid
on members’ share accounts.
“The Credit Union had another suc
cessful year in 1972 and continues in a
sound position. We are proud of the
success of the Credit Union and we
know from its wide use that it per-
Expansion At Laurelcrest Is Announced
Pieldcrest Mills, Inc. February 8 an
nounced plans for a $31/2 million expan-
®*on at its semi-worsted spinning plant
nt Laurel Hill.
William C. Battle, president of Field-
nnest Mills, Inc., said an 89,000 square-
‘oot addition will be built onto the
n^esent Laurelcrest Yarn Mill which
'''*11 double the capacity of the present
operation. Approximately 100 addition
al persons will be given employment
the enlarged plant.
, lUr. Battle said the construction _ of
building and the purchase of equip-
■Pent will represent a $31/2 million in-
ostment for Fieldcrest Mills, Inc.
, The contract for construction of the
Gliding has been awarded to Esk
ridge & Long Construction Corp. of
Sanford. It is expected that construc
tion will begin about March 1 and be
completed about September 1.
The existing plant was built in 1969
with provisions made at that time for
doubling the size when necessary.
Space for housing the air conditioning
equipment, shop, canteen, rest rooms
and other such facilities was included
in the original structure.
Mr. Battle said the expansion be
came necessary due to the increasing
amount of carpet yarn needed by the
company. All of the semi-worsted yarn
produced will be used internally with
the bulk of it being used at the nearby
Laurelcrest Carpet Plant.
forms a real service for employees,”
Mr. Chewning said.
He expressed his appreciation to the
many people throughout the Company
who serve the Credit Union on a vol
untary basis as directors, committeemen
and in other capacities. He commended
them for “a job well done.”
The following were elected to the
Credit Union board of directors; T. W.
Graves, R. A. Harris, T. H. Knott, H.
H. Newton and R. L. Wilkes. Other
directors are: L. E. Chewning, M. B.
Franklin, R. H. Hair and C. H. Hall.
At its organizational meeting, the
board of directors elected the following
officers: L. E. Chewning, president; M.
B. Franklin, vice president; R. L.
Wilkes, secretary and treasurer.
Appointed to the Supervisory Com
mittee were: J. H. Goodman, chairman,
G. A. Adkins and T. P. Webster. W. O.
Marlowe was named chairman of the
Educational and Membership Committee.
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
Company cooperates by permitting both
savings and loan payments to be handled
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.
Social Security Office
Sets New Eden Hours
New hours for the Social Security
representatives in Eden have been an
nounced by C. H. Myers, manager of
the Greensboro Social Security Office.
The new hours will be 9:30 a.m. to
4 p.m. each Thursday and will take
effect immediately.
In the past a representative from
Greensboro was in Eden each Thurs
day from 10 a.m. to 4 p.m. at the fire
department, 623 Henry Street. The lo
cation will remain the same, Mr. Myers
said.