User:Langleyfcu/sandbox

Langley Federal Credit Union

Langley Federal Credit Union logo
Company type	Credit Union
Industry	Financial Services
Founded	1936
Headquarters	Newport News, Virginia, [United States]]
Number of locations	19
Area served	Select Employee Groups
Key people	Jean M. Yokum, President/CEO Richard A. Biege, Chairman
Products	Savings; Checking; Consumer loans; Mortgages; Credit Cards; Investments; Online Banking
Total assets	$1.6B USD (2012)
Subsidiaries	Langley Financial Services, LLC (CUSO)
Website	langleyfcu.org

Langley Federal Credit Union (or LFCU) is a federally insured credit union headquartered in Newport News, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Serving the community since 1936, Langley has grown to more than 167,000 members with over $1.6 billion USD in assets, ranking the financial institution as one of the top 100 largest credit unions in the nation.

History

Early Years

Chartered on April 17, 1936 by a group of 25 members of the National Advisory Committee for Aeronautics — later to become the National Aeronautics & Space Administration (NASA) — each member deposited $1 USD to cover the chartering fee. That next month the doors opened for business in the office of Ernest J. Shave, the newly elected president. Assets totaled $275 USD and the interest rate was 1% per month on an unpaid loan balance. At the end of the 1930's, it was known as NACA Laboratory Federal Credit Union. Membership stood at 233 and assets totaled $11,463 USD.

In 1942 the credit union changed its name to LMAL Federal Credit Union (Langley Memorial Aeronautical Laboratory). The next year, Air Force civilian personnel were admitted for membership and the credit union joined the Virginia Credit Union League. Assets and memberships continued to rise steadily throughout this decade. Many historical events of the 1940's influenced the growth of LMAL Federal Credit Union. World War II slowly brought the economy out of the Great Depression allowing financial growth. Also, in this time period, many more women were entering the workforce, which created a soon-to-be-found opportunity for the future CEO of Langley Federal Credit Union.

During the 1950's, the NACA's cafeteria in building 1227 became the credit union's "main" office. In the next year, assets increased to almost $300,000 USD and membership doubled. The credit union was given authorization to have its first cash operation to accommodate the cashing of paychecks.

In 1953, Jean M. Yokum, LFCU's longtime President/CEO, joined the staff as a teller. The credit union officially changed its name to Langley Federal Credit Union in October 1956. The next year the Board of Directors voted to admit the Air Force military personnel to the field of membership.

LFCU celebrated its 25th anniversary in 1961. Closing the 1960's decade, LFCU made its 100,000th loan and started a quarterly newsletter, Reporter. During this decade LFCU grew to nearly $10M USD in assets.

In the 1970's emphasis on member education and marketing increased. Towards the end of this decade, the credit union attained almost $75M USD in assets, adding $65M USD in ten years and thus joining the nation's Top 100 Credit Unions. LFCU also began the practice of building branches around the Virginia Peninsula. Management of the credit union passed to Jean Yokum, when former CEO Mike Pickens retired.

Recent History

In 1981 LFCU merged with the Peninsula Postal Federal Credit Union. Working to become a full-service financial center, LFCU initiated a MasterCard program and also installed its first in-house computer. Towards the mid-1980's, the "Exchange" Automated Teller Machine network and CHIPS — a telephone transaction system — were established, thus giving 24-hour credit union service to the rapidly growing membership. A Financial Planning Department was created. In April of 1986, LFCU celebrated its 50th Anniversary.

In 1991, a new online automated lending database system called LoanPro was installed which allowed LFCU to store, retrieve and process loan applications in a fraction of the time it took previously. The Information Center, 757-827-LFCU, was also opened. A fully functional website, offering up-to-date information on products, promotions and rates became accessible to the public. LFCU's total assets rose to over $614M USD.

LFCU celebrated its 70th Anniversary in 2006. LFCU expanded its influence by opening the Chesapeake Branch, marking Langley's first location on the Southside. Many new facilities, ATM locations and electronic services, such as online and mobile banking were created to keep up with the technology of the century.

In 2011 LFCU celebrated its 75th Anniversary. To date, LFCU boasts assets totalling over $1.6B USD with membership reaching more than 167,000 and 19 branch locations in Hampton Roads.

Membership

Membership in LFCU is limited to individuals sharing the common bond defined in its credit union charter. There are four ways to become a member:

1. Membership through an employer or organization
2. Sponsorship by a family member
3. Any branch of the military
4. Membership through investment areas.

Organization

Langley Federal Credit Union is chartered with the NCUA as a Select Employee Group (SEG) based credit union. Like all credit unions, LFCU is governed by a board of volunteers, elected by and from its membership. LFCU also has a separate, wholly-owned subsidiary, named Langley Financial Services, LLC, which operates as a Credit Union Service Organization (CUSO). CUSOs were established by NCUA as a way for credit unions to pursue product offerings that would normally be outside the purview of a credit union.

Services

LFCU offers the typical suite of services offered by most financial institutions, including savings accounts, checking accounts, IRA accounts and certificates. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit — $5 USD — literally represents their share of ownership in the credit union. LFCU also offers members consumer loans, credit cards, mortgages, and home equity lines of credit, as well as small business services. LFCU's CUSO — Langley Financial Services, LLC — offers more extensive investment services, tax services and insurance products.

As of January, 2012, LFCU has 19 branch locations in the Hampton Roads area and over 50 ATMs. LFCU offers extensive online services via its corporate website, langleyfcu.org. In addition, members can make ATM transactions through Credit Union 24, a surcharge-free ATM network for participating credit unions. In addition, LFCU participates in shared branching through Credit Union Shared Service Centers, a network of over 4,000 branch locations.

External Links

• LFCU Official Website
• National Credit Union Administration