Langley Federal Credit Union

It goes way back to 1936, when Langley Federal first opened its doors. Though we have grown and many of the ways we do business have changed, we still believe service to our members is our number one priority; and we do a good job. At least our members think so; and they know a thing or two about service.

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 Langley Federal Credit Union, we realize that without our commitment to service, we never would have gotten off the ground.

LFCU provides quality service as a not-for-profit financial cooperative, owned and democratically controlled by its membership. LFCU is guided by an all volunteer Board of Directors and volunteer committees. 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, you help provide the funds for 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 on-line 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, 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.

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