needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . august 2013 learn how and when to remove this template message lafayette federal credit union type credit union industry financial services founded 1935 headquarters kensington maryland united states key people b. john farmakides president ceo norman cohen chairman products savings ; checking ; consumer loans ; mortgages ; credit cards ; online banking total assets 368m usd 2013 website www.lfcu.org lafayette federal credit union lafayette federal is a credit union headquartered in kensington maryland chartered and regulated under the authority of the national credit union administration ncua of the u.s. federal government . as of june 2013 lafayette federal had over 368 million usd in assets and over 14 000 members . contents 1 history 2 membership 3 services 4 organization 5 management team 6 community involvement 7 atm locations 8 references 9 external links history edit the year 1935 was a year of significant growth for the american credit union movement over 800 federal credit unions were chartered that year . one of them was a credit union that was created to serve the employees of the reconstruction finance corporation the rfc mortgage company and the commodity credit corporation . back then it was called the 1825 h street federal credit union . today it s known as lafayette federal credit union . october 1935 the credit union opens its doors and begins offering personal loans . the minimum loan is 10 ; the maximum 50 . 1936 the maximum loan is increased to 100 . 1939 the credit union begins offering new vehicle loans . 1940 the credit union moves to the lafayette building in washington d.c. and changes its name to lafayette federal credit union . 1940 the limit on total deposits in share accounts is 500 . 1941 lfcu begins selling u.s. savings bonds . 1943 lfcu ends the year with a total of 43 280 in member share deposits . 1946 lfcu has five full time employees and one part time employee . 1947 the limit on total deposits in share accounts is 1 000 . 1950 lfcu has 960 members . 1951 total loans outstanding amount is 129 000 . 1953 the small business administration is added to lfcu s field of membership . 1955 assets reach nearly 500 000 . 1960 assets total nearly 2 million . 1961 lfcu moves its main office to the u.s. department of state building and adds the u.s. peace corps to its field of membership . 1969 adoption of new federal credit union bylaws empowers lfcu to better serve its members . 1970 national credit union administration is created to supervise and regulate credit unions ; once a member always a member policy adopted . 1974 lfcu has 10million in assets and 7 600 members . 1980 lfcu begins offering share draft checking accounts . 1981 certificate and ira accounts are introduced . 1984 the credit union joins the most atm network and begins offering atm cards . 1985 lfcu installs its first in house computer system . 1987 lfcu begins offering home equity loans . 1988 lfcu makes first trust mortgage loans . 1989 lfcu moves its headquarters to kensington . 1992 lfcu merges with potomac community federal credit union and introduces a telephone bill payer program . 1994 lfcu introduces the access card debit card and 24 hour telephone loan application service . 1995 the personal branch online financial services system becomes available as the lfcu website is unveiled . 2000 the e access all electronic account is introduced . 2004 lfcu forms potomac business services llc with three other credit unions to provide commercial loans . 2006 columbia heights branch opens . 2008 the inaugural capitol classic charity golf tournament is held . 2009 business account services and the relationship checking program are introduced . 2010 lfcu celebrates its 75th anniversary . 2011 montgomery county md is added to lfcu s field of membership through the american consumer council acc . 2012 all residents of washington d.c. maryland and virginia are added to lfcu s field of membership through the american consumer council acc . 1 2016 lafayette federal credit union merged with csc employees federal credit union of falls church va. it will continue its operations as a division of lafayette federal credit union . membership edit lafayette federal s field of membership is set by the national credit union administration ncua . as with all credit unions membership at lafayette federal is limited to individuals sharing the common bond defined in its credit union charter . all residents of washington d.c. maryland and virginia are added to lfcu s field of membership through the american consumer council acc . once a member always a member policy lafayette federal credit union operates under a once a member always a member policy . regardless of the way members originally obtain eligibility once they become a member they are able to retain their membership in the credit union as long as a minimum balance of 50 is held in a share savings account . residents of potomac md persons who live or work in that part of montgomery county maryland known as potomac bounded on the south by the potomac river from riley s lock road on the west to cabin john parkway on the east on the east by cabin john parkway to the capital beltway 495 to interstate 270 on the north by shady grove road to state route 28 to state route 112 and on the west by state route 112 and seneca road to river road to riley s lock road to the potomac river are eligible provided however that the military reservation known as the u. s. navy ship research and development center is excluded from this field of membership . select washington d.c. residents many individuals who live work worship or attend school in washington d.c. are eligible to become members . however the d.c. charter only extends to individuals within certain geographic boundaries . select employee groups membership is extended to all direct hire individuals employed by or retired from the authorized list of employers throughout the united states . lafayette federal credit union s official website provides a complete list of these selected organizations . eligibility through a family member eligibility is extended to all current members immediate family members . this includes grandparents parents spouses children including foster and adopted grandchildren and siblings . un remarried spouses of persons who died while employed by any of our eligible organizations are also eligible for membership . services edit lafayette federal credit union offers a similar array of services as any other full functioning financial institution including no fee checking free mastercard debit cards 78 000 surcharge free atms nationwide no annual fee credit cards free online banking online bill pay online and telephone access savings accounts fixed and variable rate certificates preferred savings accounts premier savings accounts money market accounts individual retirement accounts ira first trust mortgages home equity loans overdraft lines of credit new and used auto loans rv boat and motorcycle loans personal loans electronic funds transfer credit life and disability insurance gap insurance organization edit lafayette federal is governed by a board of volunteers elected by and from its membership . lafayette federal also has separate subsidiaries potomac business services pbs preferred business xchange pbx and preferred business xchange settlement services pbx ss which are credit union service organizations cuso s . cusos were established by ncua as a way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union . management team edit mr. b. john farmakides is the president ceo of lafayette federal credit union . mr. farmakides has been an active member of the lafayette federal community since 1994 . he joined the supervisory committee in 1998 and later served as its chairman . in 2006 he was elected to the board of directors and was subsequently nominated to and assumed the position of treasurer . mr. farmakides was named president and ceo in 2007 . prior to that he worked in investment banking commercial real estate and the federal government . currently mr. farmakides holds positions on many professional boards and committees including vice chairman of potomac business services llc president of preferred business xchange llc director of pbx settlement services llc and serves on the regulatory committee of the national association of federal credit unions . mr. farmakides a licensed attorney received his b.b.a and m.b.a. degrees from james madison university and a j.d. law degree from the american university . mr. farmakides is assisted by the senior management team at lafayette federal credit union which is composed of arnold s. rosenthal executive vice president chief financial officer brent lockwood executive vice president lending ronda polhamus senior vice president operations tina werking senior vice president lending john straub senior vice president information technology jeff ference senior vice president accounting stephen harrell senior vice president finance 2 community involvement edit for the past nine years lafayette federal credit union has hosted annual golf tournaments to support various local charities . in june 2016 lafayette federal hosted the 9th annual capitol classic charity golf tournament to benefit the children s miracle network . the 2016 charity tournament netted a contribution of 43 000 for over 200k total contributions to local charities in the past nine years . atm locations edit members can access their accounts with 78 000 surcharge free atms available nationwide through lafayette s partnerships with network affiliates including allpoint credit union 24 and the co op network . references edit history . lafayette federal credit union official website management team . lafayette federal credit union official website external links edit official website retrieved from https en.wikipedia.org w index.php title lafayette federal credit union & oldid 742007721 categories credit unions based in marylandcredit unions based in washington d.c.banks established in 1935companies based in montgomery county maryland1935 establishments in marylandhidden categories articles needing additional references from august 2013all articles needing additional referencesuse dmy dates from july 2013 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page 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