Credit Union Is A $5-Million Operation
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The Fieldcrest Mills Credit Union is
a $5-million operation.
Total assets of the Credit Union
*'6ached $5,148,483 at the end of March,
having increased by more than $l-mil-
hon since October, 1971.
Membership in the Credit Union is
tow 9,037, representing 81% of all of
^he employees eligible to join. In the
Eden plants and offices a whopping 95%
all employees are members.
Other locations with high percent-
Foundation Awards
Eleven Scholarships
The Fieldcrest Foundation has award
ed li additional Fieldcrest Scholarships
to
assist children of employees in ob-
'■aining a college education. This year’s
tWards make a total of 83 scholarships
"'hich have been awarded since the
Program was begun in 1960.
Each scholarship is worth $4,000 over
^he four years of college.
The most recent recipients are Rose-
kiary Barksdale, Richard Land Bocock,
Barbara Anne Creason, Joseph Paul
Eerguson, Kimberly Ann Hicks, Susan
E- Lail, Sandra Jean McClung, Meryl
Owen, Hazel Irene Shepherd, Sarah
^oll Sizemore, and Randy Bruce Snider.
Rosemary Barksdale, daughter of Mr.
ttd Mrs. Edward S. Barksdale, is a
tiember of the 1973 graduating class
Morehead High School. She has been
Accepted at North Carolina State Un-
‘t^ersity at Raleigh and will major in
'^'^idputer science. Her father is an au-
'^itor at Fieldcrest Mills, Inc., at Eden.
Richard Bocock, son of Mr. and Mrs.
Eichard Lee Bocock, will graduate from
W. Carver High School and has been
^ccepted at the University of Virginia.
^6 plans to major in electrical engin
eering. His father is a loom fixer at the
Eieldale Towel Mill.
. Barbara Anne Creason, daughter of
and Mrs. James H. Creason, will
^>'aduate from North Rowan High
®ehool. She will attend the University
North Carolina at Chapel Hill and
'''iR major in chemistry or biology. She
PMns a career in pharmacy. Her father
(Continued on Page Three)
ages of membership are: Foremost
Screen Print, 92%; Columbus Towel
Mill, 80%; Karastan Spinning and Wor
sted plants, 75%; Automatic Blanket
Plant, 75%; Laurelcrest Carpets divi
sion, 74%; and Fieldale Towel Mill, 73%.
The Credit Union has paid its mem
bers $992,055 in dividends on savings
since the Credit Union was organized
in 1958. The current dividend rate of
6% per annum has been in effect since
July 1, 1970.
In addition to steadily increasing the
interest rate on savings, the Credit
Union early in 1968 reduced the in
terest rate charged on loans from 1%
to nine-tenths of 1% per month on the
unpaid balance.
Through the years the Credit Union
has assisted its members in thousands
of transactions, helping them toward
greater financial security through sav
ings and by low-cost loans when they
needed to borrow money.
Since 1958, the Credit Union has
loaned over $20-million in over 104,000
separate loans. These loans have help
ed the members in financial emergen
cies, with medical bills, consolidation
of debts, taxes, the purchase of large
appliances and a variety of other ways.
The low interest rate of nine-tenths
of 1% per month on the unpaid bal-
(Continued on Page Three)
WALTER B. GUINAN
JOHN E. DEERY
Guinan Steps Down As Karastan President
W. C. Battle, president of Fieldcrest
Mills, Inc., announced April 25 that
Walter B. Guinan has exercised an
option in his employment contract with
the company which provides for re
duced responsibilities and is stepping
down as president of the Karastan Rug
division. Mr. Guinan, who has also been
a senior vice president of Fieldcrest
was 60 on May 1.
Mr. Battle’s announcement noted that
Mr. Guinan will continue as a director
of Fieldcrest as well as a director of
Crossley Karastan Carpet Mills, Ltd.
He will continue to be responsible for
international licensing agreements, aq-
uisitions and new technology in carpet
manufacturing. He will also maintain
his active participation in the Carpet
and Rug Institute of which he is a
member of the Board.
Mr. Battle announced that effective
April 25 John Deery was appointed
(Continued on Page Five)