Lafayette Federal Credit Union


Lafayette Federal Credit Union, is a credit union headquartered in Rockville, Maryland, chartered and regulated under the authority of the National Credit Union Administration of the U.S. Federal government. As of December 2018, Lafayette Federal had over US$558 million in assets, and over 20,000 members.

History

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 which 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 is known as Lafayette Federal Credit Union.

Membership

Lafayette Federal's field of membership is set by the National Credit Union Administration. As with all credit unions, membership at Lafayette Federal is limited to individuals sharing the common bond defined within its credit union charter. All residents of Washington, D.C., Maryland and Virginia are added to Lafayette Federal's field of membership through the American Consumer Council.
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. However, 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 immediate family of current Lafayette Federal members. This includes: grandparents, parents, spouses, children, grandchildren and siblings. Un-remarried spouses of persons who died while employed by any of our eligible organizations are also eligible for membership.
Eligibility through the Home Ownership Financial Literacy Council
Eligibility is extended to all members of the Home Ownership Financial Literacy Council. With a one-time fee membership fee of just $10, applicants gain access to comprehensive home ownership and financial educational tools, as well as eligibility to become a member of Lafayette Federal.

Services

Lafayette Federal Credit Union offers an array of services, including:

Organization

Lafayette Federal is governed by a board of volunteers, elected by and from its membership. Lafayette Federal also has separate subsidiaries, Potomac Business Services and Preferred Business Xchange, which are Credit Union Service Organizations. 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

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, director of the board for Preferred Business Xchange, 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:
Lafayette Federal hosted its 11th annual Capitol Classic Charity Golf Tournament in June 2018. The tournament benefited the Children's Miracle Network, an organization that Lafayette Federal proudly supports. Through sponsorships and charitable donations, Lafayette Federal was able to donate $61,000 to this admirable cause.

ATM locations

Members can access their accounts through an extensive network of surcharge-free ATMs and shared branches available nationwide, through Lafayette's partnership with the Co-Op Network.