History
LFCU's history goes back to 1936, when the Credit Union first opened its doors. Though we have grown and many of the ways we do business have changed, we all agree that service to our members is our number one priority; and we do a good job.
From day one, many of Langley Federal's members have been in the business of service themselves, helping shape the future of our country. At Langley Federal Credit Union, we've been proud to return the favor — with great loan programs, no annual fee credit cards, convenient ATM locations, no minimum balance checking (with Direct Deposit) and savings accounts. You see, at LFCU, we realize that without our commitment to service, we never would have gotten off the ground.
LFCU is a progressive, full-service financial institution dedicated to excellence in member service. The Credit Union is a not-for-profit financial cooperative, owned and democratically controlled by its membership. An all-volunteer Board of Directors and volunteer committees guide LFCU. All members get one vote for the Board of Directors, regardless of the amount on deposit in the Credit Union. By saving at the Credit Union, members help provide the funds for other members who need to borrow. Only members may use the services and share in the benefits of Langley Federal Credit Union.
Langley Federal Credit Union Timeline
- April 17, 1936 National Advisory Committee for Aeronautics (NACA) Laboratory Federal Credit Union was born. Twenty-five employees of NACA each deposited $1 to pay the charter fee.
- May 2, 1936 Doors opened for business in the office of Ernest J. Shave, the newly elected president. Assets totaled $275 and the interest rate was 1% per month on an unpaid loan balance.
- Closing the 30's At the end of the 1930's, NACA Laboratory Federal's membership stood at 233 and assets totaled $11,463.
- 1942 The credit union changed its name to LMAL Federal Credit Union (Langley Memorial Aeronautical Laboratory).
- 1948 Air Force Civilian personnel were admitted for membership and the credit union joined the Virginia Credit Union League.
- 1951 NACA's cafeteria in building 1227 became the credit union's "main" office.
- 1952 Assets increased to almost $300,000 and membership doubled. The credit union was given authorization to have its first cash operation to accommodate the cashing of paychecks.
- 1953 Current President, Jean M. Yokum, joined the staff as a teller.
- October, 1956 The credit union changed its name to Langley Federal Credit Union.
- 1957 The Board of Directors voted to admit the Air Force military personnel to the field of membership.
- 1961 LFCU celebrated its 25th anniversary.
- Mid-60's LFCU made Student and FHA Home Improvement Loans available.
- October, 1966 LFCU staff moved from the overcrowded building to a new main office on the West Area of NASA.
- Closing 1960's LFCU made its 100,000th loan and started the quarterly newsletter, "Reporter." During this decade LFCU had grown to nearly $10M in assets.
- Early 1970's Emphasis on member education and marketing increased. LFCU designed its first logo and brought in loans with promotional contests and giveaways.
- 1977 The first LFCU "Bulletin" was published.
- 1979 By year's end, the credit union had grown to almost $75M in assets, adding $65M in ten years and thus joining the nation's Top 100 Credit Unions. Management passed to Jean Yokum when Mike Pickens retired.
- 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.
- Mid-80'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. To date, LFCU has installed seven ATMs, five branch locations, with two in popular shopping areas-Coliseum Mall and Williamsburg Pottery. A Member Service Center over MasterCard, Share Drafts, IRAs, ATMs and member inquiries was formed.
- 1985 The new headquarters building and Coliseum Branch Office opened for business in June. The "Reporter" newsletter was renamed "The Leader."
- April, 1986 LFCU celebrated its 50th Anniversary with a celebration at the Hampton Coliseum. A Financial Planning Department was also established in 1986.
- July, 1987 Televest, Inc. (wholly owned subsidiary of LFCU) was formed as a service organization to provide investment counseling services to other credit unions.
- 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. The Information Center, 757-827-LFCU, was also opened.
- 1995 LFCU opened two new branches, one in Williamsburg and one in Hayes. A fully functional website, offering up-to-date information on products, promotions and rates became accessible to the public.
- 1998 LFCU opened a branch in Poquoson in April to service more than 4,000 Poquoson members. LFCU's total assets rose to over $614M.
- 2000 In 65 years, Langley Federal grew from a credit union formed by a few to one of over 135,000 members. LFCU redesigned its website to include an interactive component providing additional convenience for members. LFCU worked to create new facilities, ATM locations and electronic services.
- 2001 Open End Lending process began.
- 2003 LFCU named 2003 Air Force Credit Union of the Year.
- 2004 New Corporate Headquarters and branch at City Center opened.
- 2006 LFCU celebrates its 70th Anniversary. To date, assets total over $1.1B with membership reaching more than 140,000. Willow Oaks Branch opens in the Willow Oaks Shopping Center of Hampton.
- 2007 President/CEO Jean Yokum is inducted into the Credit Union Executives Society (CUES) Hall of Fame and LFCU wins the National Desjardins Youth Financial Education Award from the Credit Union National Association (CUNA).
- 2007 The Chesapeake Branch opens marking Langley's first location on the Southside. In addition, LFCU opens the Williamsburg New Town Branch, the Williamsburg City Branch (near the College of William & Mary) and the Hayes branch relocates adding drive-thru lanes and a drive-up ATM.
- 2008 The new Aberdeen Branch opens at 409 Aberdeen Road in Hampton (located down the street from the old branch). The facility was built to improve service to the growing membership in that area. The Stoneybrook Branch opens near Ft. Eustis.
- 2009 President/CEO Jean Yokum named National Association of Federal Credit Unions (NAFCU) CEO of the Year.
