Lafayette Federal Credit Union (Lafayette Federal), is a credit union headquartered in Rockville, Maryland, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. Federal government. As of December 2017, Lafayette Federal had over $517 million USD in assets, and over 20,000 members.
Video Lafayette Federal Credit Union
History
The year 1935 was a year of significant growth for the American credit union movement. Over 800 federal credit unions were chartered that year, one of which was a credit union that was created to serve the employees of the Reconstruction Finance Corporation, the RFC Mortgage Company and the Commodity Credit Corporation. Back then, it was called the 1825 H Street Federal Credit Union. Today it's known as Lafayette Federal Credit Union.
October 1935 -- The credit union opens its doors and begins offering personal loans. The minimum loan is $10; the maximum, $50.
1936 -- The maximum loan is increased to $100.
1939 -- New vehicle loans are offered.
1940 -- The credit union moves to the Lafayette Building in Washington, D.C., and changes its name to Lafayette Federal Credit Union.
1940 -- The limit on total deposits in share accounts is $500.
1941 -- Lafayette Federal begins selling U.S. Savings Bonds.
1943 -- Lafayette Federal ends the year with a total of $43,280 in member share deposits.
1946 -- Lafayette Federal has five full-time employees and one part-time employee.
1947 -- The limit on total deposits in share accounts is $1,000.
1950 -- Lafayette Federal has 960 members.
1951 -- Total loans outstanding at Lafayette Federal is $129,000.
1953 -- The Small Business Administration is added to Lafayette Federal's field of membership.
1955 -- Assets reach nearly $500,000.
1960 -- Assets reach nearly $2 million.
1961 -- Lafayette Federal moves its main office to the U.S. Department of State building and adds the U.S. Peace Corps to its field of membership.
1969 -- Adoption of new Federal Credit Union bylaws empowers Lafayette Federal to better serve its members.
1970 -- National Credit Union Administration is created to supervise and regulate credit unions; "once a member, always a member" policy adopted.
1974 -- Lafayette Federal has $10 million in assets and 7,600 members.
1980 -- Lafayette Federal begins offering share draft (checking) accounts.
1981 -- Certificate and IRA accounts are introduced at Lafayette Federal.
1984 -- Lafayette Federal joins the MOST® ATM network and begins offering ATM cards.
1985 -- Lafayette Federal installs its first in-house computer system.
1987 -- Lafayette Federal begins offering home equity loans.
1988 -- Lafayette Federal begins offering first trust mortgage loans.
1989 -- Lafayette Federal moves its headquarters to Kensington, MD.
1992 -- Lafayette Federal merges with Potomac Community Federal Credit Union and introduces a telephone bill payer program.
1994 -- Lafayette Federal introduces the ACCESS card debit card and 24-hour telephone loan application service.
1995 -- The Personal Branch online financial services system becomes available as the Lafayette Federal website is unveiled.
2000 -- The e-access (all-electronic account) is introduced at Lafayette Federal.
2004 -- Lafayette Federal forms Potomac Business Services, LLC with three other credit unions to provide commercial loans.
2006 -- Lafayette Federal opens a branch in Columbia Heights, DC.
2008 -- Lafayette Federal hosts the inaugural Capitol Classic Charity Golf Tournament.
2009 -- Business Accounts and Relationship Checking programs are introduced at Lafayette Federal.
2010 -- Lafayette Federal celebrates its 75th Anniversary.
2011 -- Montgomery County, MD is added to Lafayette Federal's field of membership through the American Consumer Council (ACC).
2012 -- All residents of Washington, D.C., Maryland and Virginia are added to LFCU's field of membership through the American Consumer Council (ACC).
2016 -- Lafayette Federal Credit Union merges with CSC Employees Federal Credit Union of Falls Church, Va. It will continue its operations as a division of Lafayette Federal Credit Union.
2017 -- Lafayette Federal moves its headquarters to Rockville, MD.
Maps Lafayette Federal Credit Union
Membership
Lafayette Federal's field of membership is set by the National Credit Union Administration (NCUA). As with all credit unions, membership at Lafayette Federal is limited to individuals sharing the common bond defined within its credit union charter. All residents of Washington, D.C., Maryland and Virginia are added to Lafayette Federal's field of membership through the American Consumer Council (ACC).
Once a Member, Always a Member Policy
Lafayette Federal Credit Union operates under a "once a member, always a member" policy. Regardless of the way members originally obtain eligibility, once they become a member they are able to retain their membership in the credit union as long as a minimum balance of $50 is held in a Share Savings account.
Residents of Potomac, MD
Persons who live or work in that part of Montgomery County, Maryland, known as Potomac, bounded on the south by the Potomac River from Riley's Lock Road on the west to Cabin John Parkway on the east, on the east by Cabin John Parkway to the Capital Beltway 495 to Interstate 270, on the north by Shady Grove Road to State Route 28 to State Route 112, and on the west by State Route 112 and Seneca Road to River Road to Riley's Lock Road to the Potomac River are eligible. However, the military reservation known as the U. S. Navy Ship Research and Development Center is excluded from this field of membership.
Select Washington, D.C. Residents
Many individuals who live, work, worship or attend school in Washington, D.C. are eligible to become members. However, the D.C. charter only extends to individuals within certain geographic boundaries.
Select Employee Groups
Membership is extended to all direct-hire individuals employed by or retired from the authorized list of employers throughout the United States. Lafayette Federal Credit Union's official website provides a complete list of these selected organizations.
Eligibility Through a Family Member
Eligibility is extended to immediate family of current Lafayette Federal members. This includes: grandparents, parents, spouses, children (including foster and adopted), grandchildren and siblings. Un-remarried spouses of persons who died while employed by any of our eligible organizations are also eligible for membership.
Eligibility Through the Home Ownership Financial Literacy Council
Eligibility is extended to all members of the Home Ownership Financial Literacy Council. With a one-time fee membership fee of just $10, applicants gain access to comprehensive home ownership and financial educational tools, as well as eligibility to become a member of Lafayette Federal.
Services
Lafayette Federal Credit Union offers an array of services, including:
Organization
Lafayette Federal is governed by a board of volunteers, elected by and from its membership. Lafayette Federal also has separate subsidiaries, Potomac Business Services (PBS), Preferred Business Xchange (PBX) and Credit Union Title, LLC, which are Credit Union Service Organizations (CUSO's). CUSOs were established by NCUA as a way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union.
Management Team
Mr. B. John Farmakides is the President/CEO of Lafayette Federal Credit Union. Mr. Farmakides has been an active member of the Lafayette Federal community since 1994. He joined the Supervisory Committee in 1998, and later served as its Chairman. In 2006, he was elected to the Board of Directors and was subsequently nominated to and assumed the position of Treasurer. Mr. Farmakides was named President and CEO in 2007. Prior to that, he worked in investment banking, commercial real estate, and the Federal government.
Currently, Mr. Farmakides holds positions on many professional boards and committees including: Vice-Chairman of Potomac Business Services LLC, President of Preferred Business Xchange, LLC, Director of Credit Union Title, LLC and serves on the Regulatory Committee of the National Association of Federal Credit Unions.
Mr. Farmakides, a licensed attorney, received his B.B.A and M.B.A. degrees from James Madison University, and a J.D. law degree from the American University.
Mr. Farmakides is assisted by the Senior Management team at Lafayette Federal Credit Union which is composed of:
- Arnold S. Rosenthal, Executive Vice President/Chief Financial Officer;
- Peter Benjamin, Senior Vice President, Mortgage Lending;
- Lynn English, Senior Vice President, Risk Management
- Jeff Ference, Senior Vice President, Accounting;
- Stephen Harrell, Senior Vice President, Finance;
- Tina Werking, Senior Vice President, Lending;
Community Involvement
Lafayette Federal hosted its 10th annual Capitol Classic Charity Golf Tournament in June 2017. The tournament benefited the Children's Miracle Network (CMN), an organization that Lafayette Federal proudly supports. Through sponsorships and charitable donations, Lafayette Federal was able to donate $42,500 to this admirable cause.
ATM Locations
Members can access their accounts with 100,000 surcharge-free ATMs available nationwide, through Lafayette's partnerships with network affiliates including Allpoint, Credit Union 24, and the Co-Op Network.
References
External links
- Official website
Source of article : Wikipedia
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