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DILLARD’S FEDERAL
CREDIT UNION PO BOX 3335 LITTLE ROCK, AR 72203 Audie Telephone Teller: |
About Dillard's Federal Credit Union In 1966, the employees of Dillard Department Stores, Inc., established a state chartered Credit Union as a non-profit organization to serve its members by promoting thrift and creating a source of credit at a reasonable rate of interest. The Charter members of the Credit Union were William Dillard, E. Ray Kemp, Jr., David Bluthenthal, William E. Rice, William Holmes, Evelyn Cox, and Jerry Mowry. The first meeting of the Board of Directors of Dillard’s Credit Union was held on April 26, 1966. At this meeting, Officers were elected as follows.
By the end of April, the Credit Union consisted of 43 members with total assets of $552. By the end of July 1966, membership had grown to 198 and total assets had increased to $7,278. The first three loans to members were approved in July and totaled $325. Interest charged on loans was 5/6 of 1% per month on the unpaid balance. At the end of 1966, the Board of Directors declared a 3 1/4% dividend. Credit Union membership was extended to employees in the Arkansas stores outside Little Rock during 1967 and, at the end of 1967, the Board of Directors declared a 4 1/2% dividend on shares totaling $35,841. During 1973, the Credit Union applied for and received a Federal Charter, allowing membership to be extended outside the state of Arkansas. The name under the Federal Charter was established as the D.D.S. Employees Federal Credit Union. In 1974, the Credit Union received the “Thrift Honor Award,” which is given to Credit Unions showing exceptional growth. Also, in 1974, the Board of Directors declared a 7% dividend. During 1976, the board of Directors of the Credit Union declared that a dividend be paid on a semi-annual basis rather than the traditional annual basis. At the end of 1976, which was the year of the tenth anniversary of the Credit Union, the total assets were $564,235. Since its beginning, the Credit Union had made 2,524 loans for a total of $1,640,204. The membership had grown to 1,279 accounts totaling $513,159 in shares. In April 1979, the Dillard’s Brown-Dunkin Federal Credit Union was merged with DDS Employees Credit Union in Little Rock, and the name of the Credit Union was changed to Dillard’s Federal Credit Union. At the completion of the merger, the Credit Union had a total of 1,940 members and assets of $1,291,343.88. Currently Dillard’s Federal Credit Union serves 11,000 members throughout the United States with assets of $26,971,934.00.
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