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Volunteer Corporate Welcomes National Credit Union Administration

July 14, 2003


NASHVILLE – During a recent visit to Nashville, NCUA Chairman, Dennis Dollar, Chief of Staff and Chairman Counsel, Kirk Cuevas, Vice Chair, Joann Johnson, Executive Assistant to Vice Chair, Maura Hampton, Board Member, Deborah Matz and Executive Assistant to Board Member, Steve Bosack, took time from their busy schedules to visit Volunteer Corporate Credit Union (VolCorp).

During three separate visits, these guests were given the grand tour of VolCorp’s new facility as well as an up-close glimpse of their operations. The National Credit Union Administration, governed by a three-member board appointed by the President and confirmed by the U.S. Senate, is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of 80 million account holders in all federal credit unions and many state-chartered credit unions.

As these NCUA guests were introduced to VolCorp staff, conversations revolved around how VolCorp serves member credit unions. In addition to the many services provided directly to credit unions, VolCorp recognizes the special needs of small credit unions. In support of this, VolCorp has invested $10 million in the Community Investment Fund (CIF) which allows for half of the earnings to be given to CUNA and the Tennessee Credit Union League for special small credit union development and projects.

Regarding these visits, Bruce Fahnestock, VolCorp’s President/CEO, said “We were honored to share VolCorp’s vision and commitment to the Credit Union movement with the NCUA Board.”

VolCorp was originally chartered in 1981 and has grown from four to 53 employees and increased assets from $38 million to $1.3 billion. VolCorp currently serves 240 credit unions throughout Tennessee and 21 credit unions in Alabama, Illinois, Kentucky, North Carolina, and West Virginia.