&UIEWS

Credit Unions! Why?

T HE Building Material Enrployees

I Fedcral Credit Union. sponsored by the Lumber Merchants Association was born January 18, 1978.

To date the credit union has in excess of 500 employee members and a net worth of nearly $180,000. The credit union has been so successful that nearly 100'[, of the employee share deposits have been loaned back to employees.

Since the fornration of our credit union. other associations have beconre interested. The Georgia Building Material Merchants association has recently formed a credit union and is the second association (after LMA) to do so.The Ohio association is currently working on a credit union and others have shown interest.

Why should we beconre involved in a credit union when we have all we can take care of at the present?

Large companies having sufficient enrployees to maintain nrenrbership of 300 in the credit union can fornr their own credit union. What about the great nunrber of conrpanies with from 5 to 100 employees? Where do they turn to save at an interest rate of higher than 5{X, ? Where do they turn to borrow funds for autos, appliances, etc.. at a rate that is affordable to them?

The snrall lirms have been excluded from nrany employee progranrs because they are small. An association can develop programs that will provide for the needs of snrall conrpanies and that is why we have organized the credit u n ton.

Each participating company can olfer the credit union to its employees as an employee benefit and a worthy benefit that very few small companies have. Labor unions usually play up their credit union availability to employees and it is certainly an enticement... but now they can't offer a progranl that we do not have.

It is a plus to every conlpany to have a credit union for enr ployees.

The employees use the credit union heavily because it is theirs. lt is closed to employees not menrbers ol the association, thus making it an exclusive club. They love it and are concerned about their credit union.

They develop a substantial savings (share account) in their own corporation. A feeling of belonging develops in the enrployee and they soon begin talking about their company credit union. The fact that it is an industry credit union is lost and the conlpany credit union prevails. This is what we want because we want enrployee enticenlcnt, not only to retain the older employees but to attract new enrployees and the credit union is certainly a nrajor laclor.

At the present about 50'X, of our association nrenrber fi rnrs are participating.

We need the other 50i'l' as participants to nrake our credit union bigger and better.

The expense to the firm is nrininral since the only tinre and expense involved is payroll deduction. The dealer is receiving a tremendous benefit lor an extrenrely snrall investnrent. The return on investnrent is 999.9912,.

Our aim is to fill your requirements, promptly, with competitively priced quality products. We also represent Holmes & Co.,lnc. and Robinson Lumber Co. on the West Coast.