Water Rails & Oil - Historic Mid & South Jefferson County
An illustrated history of the Mid and South Jefferson County area, paired with the histories of companies, families and organizations that make the region great.
An illustrated history of the Mid and South Jefferson County area, paired with the histories of companies, families and organizations that make the region great.
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FIVEPOINT<br />
CREDIT UNION<br />
In 1935, fifty people met to realize<br />
a dream of building a financial cooperative<br />
to provide services to employees of the Texas<br />
Company Refinery in Port Arthur. Eight<br />
men signed a certificate organizing the<br />
Texas Company Port Arthur Works (PAW)<br />
Employees Federal Credit union, which opened<br />
August 1, 1935.<br />
By 1938, auto loans were offered to members<br />
for the first time. The organization affiliated with<br />
the Texas Credit Union League (TCUL) and Credit<br />
Union National Association (CUNA) in 1940, and<br />
obtained insurance covering members’ loan<br />
payments in case they became disabled or died.<br />
The first office manager was hired in 1956,<br />
and in 1960, land for an office was purchased<br />
and an office was built at 2349 Memorial<br />
Drive, Port Arthur, with additions made in 1975.<br />
Continued growth in the credit union followed<br />
the implementation of direct deposit and payroll<br />
deduction that made it more convenient for<br />
members to make deposits and loan payments.<br />
Through the next two decades a variety of<br />
economic factors impacted the credit union.<br />
Among these was a two-month strike by Texaco<br />
employees in 1978 and employee layoffs<br />
reflecting the national trend to import oil rather<br />
than produce it.<br />
To counter these problems, the TFCU board<br />
adopted the Master Charge program; merged<br />
with Texaco Island Employees Federal Credit<br />
Union, increasing membership by two<br />
thousand, approved adding money to existing<br />
loan balances, offered share drafts, money<br />
market accounts, and certificates of deposit,<br />
reduced loan rates, merged with Port Neches<br />
Asphalt Employees Credit Union, offered home<br />
mortgage loans, and expanded membership to<br />
service and church groups not already served by<br />
a credit union. Membership growth in the<br />
1980s led to building facilities at 4401 Highway<br />
73 in Port Arthur.<br />
The 1990s began on a solid financial footing<br />
and with continued member service improvements<br />
including an audio response phone service<br />
giving members twenty-four-hour access to their<br />
accounts and an ATM program.<br />
In 1991, Delton Moore retired after thirtyfive<br />
years as TFCU president, and W. E. (Bill)<br />
72 ✦ WATER, RAILS & OIL
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