OAK RIDGE, Tenn. – Y-12 Federal Credit Union reported it has reached $1 billion in assets. The credit union was formed in 1950 by a group of five employees at the Y-12 plant in Oak Ridge, Tenn. In its first month of operation it claimed 200 members and collected $5,000 in assets.
Sixty-seven years later, Y-12 Federal Credit Union topped $1 billion in assets and over 107,000 members.
From 1950 until 1961, the credit union operated out of spare space within the Y-12 plant. In 1961, its current headquarters at 501 Lafayette Drive was constructed with a significant expansion completed in 1977. Today, Y-12 Federal Credit Union operates 14 branches and 9 in-school, student-run branches throughout East Tennessee.
In honor of the hard work and dedication demonstrated by the employees, Y-12 FCU’s Board of Directors closed all the CU’s facilities on one Wednesday to allow employees to celebrate this monumental achievement. The celebration brought together over 240 employees at its Operations Center in west Knoxville where they enjoyed food, fun and festivities.