Our History: 1988-1989 - Continued Growth
Although her tenure as President and CEO was relatively short, Lucille Sullivan began her banking career in 1941 as a part-time bookkeeper at the Union National Bank. As World War II siphoned male employees from the bank, Homer Bourgeois gave her the opportunity to learn every aspect of the industry.
In 1975 Mrs. Sullivan became the Credit Union’s first full-time employee and was named Treasurer the same year. The Credit Union was still open only two nights a week but Sullivan and one other employee would be working days and open the door when a member knocked. When examiners became aware of this informal practice, they required that the Credit Union be either open or closed. The Credit Union decided to open and was now considered a full-service Credit Union.
Despite the Black Monday stock market collapse of October 1987 and the recession of the early 1990s, growth remained strong as the Credit Union became a “safe haven” for depositors. In 1988 renovations began on the 1947 building to better serve a growing membership.
Lucille Sullivan gave her final report at the Credit Union’s annual meeting on January 9, 1990. In the 15 years from her appointment as Treasurer in 1975 to her retirement, assets had grown from $20 million to $167 million.