Family Savings FCU Celebrates 60 | GadsdenTimes

Family Savings FCU Celebrates 60 |

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Family Savings FCU Celebrates 60

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1) Groundbreaking in 1961 for the Hoke Street location of Family Savings Credit Union.

By Laura McGill Times Correspondent

Published: Tuesday, May 10, 2011 at 10:53 a.m. Last Modified: Tuesday, May 10, 2011 at 10:55 a.m.

This year marks the 60th anniversary of Family Savings Federal Credit Union. It is a legacy that began in 1951 with the drive and motivation of E.K. Bowers and his goal to establish a credit union for Goodyear Tire & Rubber Co. employees.

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Bowers traveled to Madison, Wis., to visit the Credit Union National Association and learn more about the process. When he returned to Gadsden, he began recruiting others. In 1951, Bowers and six others each deposited $5 plus a 25-cent fee to receive the credit union charter. The other founding members were Robert D. Ford, Hoyt Estes, Glenn T. Benefield, Charles M. Evans, Jesse D. Taylor and John

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[5/11/2011 10:36:36 AM]

Family Savings FCU Celebrates 60 |

Click to enlarge Seen in 1973, the 711 East Meighan Blvd. location was expanded in 1986 with a second level. Special to the Times.

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Madison.

A credit union is a nonprofit financial institution that is owned by its members. By pooling their funds, members can make loans to each other and provide financial services. For Family Savings, the founding principle is summed up with "Not for Profit, Not for

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President and Chief Executive Officer Monte J. Hill, reflecting on that principle, said, "We offered a safe place for members to save for their future, and affordable loans for items ranging from refrigerators to automobiles. If a member needed a small loan, they could get it at Family Savings."

The early days were very simple, as the credit union operated from a desk in the union hall of the United Rubber Workers of America, Local 12, AFL-CIO. In 1956, operations moved

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into a small house. By 1961, Family Savings was ready for its first real office, which was on Hoke Street. That office served members until 1973, when the current headquarters at 711 E. Meighan Blvd. opened. That facility was expanded in 1986 with the addition of a second level.

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