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philosophy of “people helping people”, the credit union launched several initiatives aimed at aiding those at the frontline of the pandemic. With its Fuel the
Frontline initiative, Lafayette Federal donated 1,755 meals to first responders and $ 850 in gift cards to Fox 5 DC's Hometown Heroes during the pandemic. Their performance was recognized by S&P Global by ranking #20 in their Top 100 Performing Credit Unions of 2020 Report. One year later, the credit union once again received national recognition as one of Newsweek’s America’s Best Banks for 2022. By March 31, 2021, Lafayette Federal reached a milestone $ 1 billion in assets. Later that year, the credit union raised an impressive $ 65,000 for Children's Miracle Network Hospitals, totaling $ 1 million in charitable donations over the lifetime of the organization's fundraising efforts.
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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.
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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
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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
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As a result of the COVID-19 pandemic, 2020 was a landmark year worldwide. Lafayette
Federal was able to shift gears to accommodate the new landscape. During this time, Lafayette Federal was able to maintain operations and continued to experience membership and loan growth. Following the credit union
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The early 2000s brought about the start of several new partnerships. Lafayette
Federal teamed up with other credit unions to form Potomac Business Services, LLC in order to provide commercial loans to growing businesses. A couple of years later, commercial accounts and relationship checking accounts
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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
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In 1992, Lafayette
Federal completed its first merger with Potomac Community Federal Credit Union. Following this, the credit union made major technological strides with the rollout of several new electronic services, including: telephone bill pay system, 24-hour telephone loan application service,
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In 2010, the credit union celebrated its 75 year anniversary. Over the next two years, membership eligibility is once again expanded with through the addition of the
American Consumer Council (ACC). Through this organization, all residents of Washington, DC, Maryland, and Virginia are eligible to
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In 1940, the credit union moved across town in
Washington, DC, from its original H Street location to the Lafayette Building on Vermont Avenue in Northwest, and officially changed its name to Lafayette Federal Credit Union. During the 1940s, Lafayette Federal expanded its products and services to
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Lafayette Federal's field of membership is set by the National Credit Union Administration (NCUA). 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
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The 1980s led to the launch of several new products and services to the credit union. Share draft, certificate, and IRA accounts, as well as first trust mortgage and home equity loans, were rolled out to the membership. Additionally, Lafayette Federal began offering ATM cards, paving the way for
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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.
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Lafayette Federal experienced further growth during the 1960-70s time period. The credit union moved its headquarter location to the U.S. Department of State Building and added the U.S. Peace Corps as yet another organization within its field of membership. By 1970, the National Credit Union
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In 2023, Lafayette Federal relocated its McLean Financial Service Center from 6701 Lowell Avenue, McLean, VA 22101, to a new, renovated building at 6890 Elm Street, McLean, VA 22101. A grand opening celebration was hosted on Wednesday, October 11, 2023 to commemorate the new branch opening.
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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.
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join. In 2016, Lafayette Federal completed its second merger with CSC Employees Federal Credit Union (still operating as Lafayette Federal Credit Union). The following year, the credit union moved its headquarters to Rockville, MD, and opened a branch on the premises a year later.
280:. For the first few years, personal loans up to $ 50 (or $ 1,000 at today’s value) were the sole product offering. By 1939, the maximum limit on the loans was increased to $ 100 (or $ 2,000 at today’s value), and vehicle loans were also added as a second loan type.
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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.
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Administration was formed as the official entity to supervise and regulate credit unions. As a result of this, the “once a member, always a member” policy is adopted. By 1974, Lafayette Federal reached $ 10 million in assets and had 7,600 members.
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are introduced, offering more deposit options for both consumers and businesses. In 2008, Lafayette Federal hosts its very first Capitol Classic Charity Golf Tournament, thus commencing an annual charity event for the credit union.
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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.
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By the early 1950s, Lafayette Federal had reached 960 members, $ 129,000 in total loans outstanding, and assets of nearly $ 500,000. Additionally, the Small Business Administration was added to the field of membership.
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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.
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access debit card, online banking system and the inaugural website. Lafayette Federal was one of the first financial institutions in the market to offer online banking services to its membership.
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On October 3, 1935, 1825 H Street Federal Credit Union was established and officially opened its doors in the heart of Washington, DC. The credit union was created to serve the employees of the
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Members are assessed a $ 5 monthly fee for this service; however, if they qualify for Relationship Checking, it is refunded the same business day.
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264:(NCUA) of the U.S. Federal government. As of June 2024, Lafayette Federal had over US$ 2.00 billion in assets, and over 57,700 members.
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increased accessibility. In 1989, the credit union moved its headquarter location to a larger location in Kensington, Maryland.
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include share accounts and U.S. Savings Bonds. Staffing increased to six employees (five full-time and one part-time).
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Mr. Farmakides is assisted by the senior management team at Lafayette Federal Credit Union, which is composed of:
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Virginia are added to Lafayette Federal's field of membership through the American Consumer Council (ACC).
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Lafayette Federal is governed by a board of volunteers, elected by and from its membership.
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Eligibility is extended to immediate family of current Lafayette Federal members.
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Ali Nassirian, Senior Vice President, Secondary Sales & Lending Solutions
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Older logo of Lafayette Federal Credit Union, utilizing a script style font.
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Lafayette Federal Credit Union offers an array of services, including:
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Eligibility through the Home Ownership Financial Literacy Council
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Jeff Ference, Senior Vice President, Chief Operating Officer
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Andrew Mason‚ Senior Vice President, Information Technology
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Varun Gupta‚ Senior Vice President, Business Development
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Roland Varblow‚ Senior Vice President, Mortgage Lending
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Andrew Polott, Senior Vice President, General Counsel
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Gladys Magsino, Senior Vice President, Administration
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Credit union headquartered in Rockville, Maryland, US
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Lynn English, Senior Vice President, Risk Management
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Extensive network of surcharge-free ATMs nationwide
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578:Lafayette Federal Credit Union official website
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545:Tina Werking‚ Senior Vice President, Lending
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109:Learn how and when to remove this message
518:Stephen Harrell, Chief Financial Officer
601:Credit unions based in Washington, D.C.
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611:Companies based in Rockville, Maryland
337:Once a Member‚ Always a Member policy
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487:Credit life and disability insurance
447:Individual retirement accounts (IRA)
435:Fixed and variable-rate certificates
262:National Credit Union Administration
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373:Eligibility through a family member
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438:Preferred/premier savings accounts
274:Reconstruction Finance Corporation
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475:Classic car and restoration loans
417:6,000+ shared branches nationwide
355:Select Washington, D.C. residents
466:Commercial real estate financing
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58:"Lafayette Federal Credit Union"
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616:1935 establishments in Maryland
596:Credit unions based in Maryland
460:Construction-to-permanent loans
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250:Lafayette Federal Credit Union
124:Lafayette Federal Credit Union
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478:RV, boat and motorcycle loans
278:Commodity Credit Corporation
429:Online and telephone access
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606:Banks established in 1935
484:Electronic funds transfer
469:Overdraft lines of credit
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346:Residents of Potomac, MD
194:Nathan (Gus) Siekierka,
472:New and used auto loans
411:Mastercard debit cards
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441:Money market accounts
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189:B. John Farmakides,
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444:Investment services
423:Free online banking
258:Rockville, Maryland
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99:January 2019
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41:Please help
36:verification
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243:(June 2024)
590:Categories
553:References
328:Membership
185:Key people
69:newspapers
342:account.
218:mortgages
170:Rockville
390:Services
239:$ 2.00B
210:checking
202:Products
196:Chairman
174:Maryland
148:Industry
268:History
206:Savings
158:Founded
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