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Alcoa Tenn Federal Credit Union Mission Statement:
“Earning Trust. Helping Members.”
There were only nine members at the first organizational meeting of Plate Mill Employees Credit Union on July 12, 1936. Established only a few short days prior in the corner of the West Plant of Alcoa, Inc’s Tennessee Operations, the membership was small.
But the Credit Union grew from that day when Holman Vincent, the first teller and treasurer, first opened. Soon there were over two hundred members, and when a teller drawer was needed, one was crafted from a cigar box.
Its roots were humble – making payday loans for lunches and other small needs – and still the Credit Union continued to grow.
Change and growth came slowly at first. Though their reputations were secure, Credit Union Management acted conservatively so as not to jeopardize the funds or the trust of their members. In 1959, the Plate Mill Employees Credit Union officially became Alcoa Tenn Federal Credit Union when the West and North Plant Credit Unions merged. Alcoa Tenn Federal Credit Union continued to grow and expand as it outgrew its office space and continued to spread throughout the building.
The number and amount of loans it approved continued to grow in the late 1960’s. Sometimes the Credit Union had the funds to lend, sometimes they needed to wait until a deposit was made so they could make the loan. Money flow was tight at times, but that began to change in 1968 with the launch of payroll deductions.
The payroll deduction program was successful and as more people began to build their savings accounts, the Credit Union’s assets grew as well, growing to $1.2 million by 1970.
Growth hasn’t stopped for Alcoa Tenn Federal Credit Union. The Credit Union has continued to prioritize its commitment to its depositors, moving forward cautiously and steadily growing over the years. When many financial institutions have been forced to close their doors, Alcoa Tenn Federal Credit Union remains successful in large part due to its dedication to providing personalized financial services and contributing to the success of its communities. The concern and genuine warmth for its membership is an embodiment of the Credit Union’s motto: “Our most important asset is you.”
Over the decades, Alcoa Tenn Federal Credit Union has continued to deliver exceptional management and member service. Today, the Credit Union posts assets totaling more than $200 million and serves over 22,000 members from four branch locations. They celebrated 80 years of serving the community in 2016 and are now the oldest financial institution in Blount County.
Alcoa Tenn Federal Credit Union has grown considerably since those earliest days cashing checks from a cigar box in a tiny corner of the West Plant, but unchanged is their longstanding legacy of creating “A Place Where You Belong.”