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Phone Number 410 642 6037
Our credit union’s history dates all the way back to 1936. On June 16th of that year, 24 employees of the Veterans Administration Facility, Perry Point, Maryland, decided to take control of their financial future. They signed a charter to form a credit union to serve their fellow employees and their families. Each one opened a share savings account with a deposit of $5.00. Mr. Leslie Roberts served the credit union as a volunteer treasurer in the beginning. Business was conducted in the firehouse. Our official name was the Veterans Administration Facility Perry Point Federal Credit Union.
When Miss Frances Jackson (one of our charter members) returned from a tour of duty in the WACS in 1946, she helped Mr. Roberts as a volunteer. The credit union office was on the second floor of the Community House (a building condemned in 1993). Business was conducted on Tuesday evenings. In 1959 the name was shortened to Perry Point Federal Credit Union.
Sometime later the credit union moved to the Post Office. Shortly afterward, business was conducted daily. An assistant was hired for Miss Jackson who was still serving in a voluntary position. In 1978 the name was changed to Perry Point V. A. Hospital Federal Credit Union.
The next move was to Building 80. In 1987 the credit union moved to 1085 Third Street (a converted house in the village). In 1993 the credit union built a modern office building on the corner of Avenue D and Fifth Street. The new facility featured a spacious lobby with four teller windows and a drive-up window. At that time, the credit union had nearly 2,800 members being served by a paid staff of six employees. Assets had grown to over $11 million. In June 1995, the name was again changed to Perry Point Federal Credit Union.
In 1996 we received approval to begin serving all employees of the V.A. Maryland Health Care System. The following year we opened a full service branch office in the Baltimore V.A. Medical Center. Within a year, the full-time staff of three at the branch had signed up nearly 650 members with over $370,000 in deposits and $600,000 in loans.
In 2002, the board of directors voted to eliminate the volunteer credit committee that had been meeting once a week. Full time loan officers now process all of our loan applications and they are usually able to give decisions the same day the application is received. In December 2003, the board made the difficult decision to close the branch office in Baltimore at the end of March 2004. After nearly seven years of operation, the income generated through the branch was still not sufficient to cover its operating expenses. Today we serve over 3,600 members with about $19 million in assets.
AVENUE D & FIFTH ST. – P.O. BOX 5
PERRY POINT, MD 21902-0005