LANCASTER- The 2008 Annual Meeting of Founders Federal Credit Union was held on Tuesday, May 13, 2008 at the Baxter Hood Center of York Technical College in Rock Hill.

Founders reported another outstanding year to more than 300 members and employees in attendance. The credit union ended the year with over 170,000 members, a 7.6% increase over the previous year. Net income for the year ending December 31, 2007 was $8.8 million, resulting in an outstanding capital position of 13.5%. In 2007, Founders completed mergers with GT&R Employees N.C. Federal Credit Union in Charlotte, N.C. and with Torrco Employees Federal Credit Union in Laurens County. Founders also began a Gaffney expansion.

Bruce Brumfield, President and CEO of Founders, reviewed the successful year Founders experienced in 2007 and attributed member service as the reason for the credit union's success. "We know when it comes to our members' financial well being, they want peace of mind," said Brumfield. "Our members want to be a part of a financial institution that allows them to relax, knowing they can trust that their best interest is forefront."

Founders is well positioned for the future and has entered 2008 with great momentum. The credit union plans to make technological enhancements and increase product selection during the coming year. A new corporate headquarters is also on the horizon for the credit union.

The credit union, one of the largest and most innovative in the nation, was founded in 1950 in Fort Mil to provide financial services to the employees of Springs Industries, Inc.

Founders now serves over 170,000 members with 24 offices and three service centers in North and South Carolina. The credit union has over $1.4 billion in assets.