Louisiana Federal Credit Union celebrates 70 years
Published 12:00 am Monday, March 21, 2005
By KEVIN CHIRI
NORCO- If you make it to 70 years of doing anything, it is reason for celebration.
But if you look at the history of credit unions in the United States, staying in business for 70 years is an extraordinary feat.
That is a claim the local Louisiana Federal Credit Union celebrated this past week at La Maison Magnolia banquet hall here in Norco.
The River Parishes business started seven decades ago, and finds itself going stronger than ever today with 21,000 members.
Starting as the Norco Refinery Credit Union, the company eventually grew to open branches in LaPlace and Hammond, and bought out the River Parishes Credit Union.
Operated completely as a not-for-profit entity, the company offers everything any other financial institution can offer, including savings accounts, checking accounts, IRAs, CDs, mortgage loans, car loans and more.
“Even though we have grown and remained strong, our intent is to always service one client at a time,” President Rhonda Hotard told the gathering. “We will never stray from that original goal.”
The L.F.C.U. has one of the oldest charters in the United States, ranking number 174 out of what was eventually almost 17,000 credit unions at the height of the industry. Now there are only 9,000 credit unions left in the U.S.
“Since we are a not-for-profit company, all money that is made goes back into the company to benefit the members in the form of lower rates on loans, or higher CD rates,” Board Chairman Budd Manuel said.