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Directors: DAVID L. BEHNCKE President GEORGE C. DUVALL Treasurer-Clerk W. FEUCHT S. O. GRAY R. D. SMITH F. A. SPENCER AIR LINE PILOTS ASSOCIATION FEDERAL CREDIT UNION 3145 West Sixty-third Street Chicago 29, Illinois Telephone Grovehill 2200 537 July 1, 1948 Credit Committee: K. D. WRIGHT Chairman SCRUGGS COLVIN Secretary L. E. HINES Supervisory Committee: H. G. PORTMAN JR. Chairman W. G. MALVICK EDOR S. SWANSON Dear ALPA FCU Member: Enclosed you will find the semi-annual statement of your account which shows all transactions since you were approved as a Credit Union member. You must verify your account and return the audit verification slip to the Chairman of the Supervisory Committee, Mr. H. G. Portman, Jr., so that regular audits may be made of the Credit Union accounts. There is also attached a copy of the June 30 financial statement which will show you the extent that our Credit Union has grown in the first 5 months of its existence. As of June 30, there were 117 active members who had saved a total of $19,328.40, of which 19 members had made loans with an outstanding balance, as of that date, totaling $5,515.75. In the first 5 months of our existence, we have created a sound financial organization to serve the members and employees of ALPA, besides being a convenient and practical way to make savings and to assist you in the thrift habit. It is a convenient and low-cost source of borrowing. We hope that all the members will make sure of this service when they have the need of installment credit. As this statement is your official record of your account, you should detach it from the audit verification slip and retain it as your record and only the audit verification slip should be signed by you and returned promptly. If there are any questions you wish to ask, either contact the Credit Union Representative of your Local Council or the Credit Union Office at ALPA Headquarter offices in Chicago, direct. In this first semi-annual statement of your account, I would like to point out that you are in a very excellent position to give the Air Line Pilots Association Federal Credit Union a real boost by telling your brother pilots and fellow employees all about it, and in particular, its two principal highlight advantages, namely (a) a systematic method of saving for that rainy day that is sure to come, and (b) the quick loan-making privileges when you need cash badly and at once. There is not better way to stabilize the air line piloting profession and place it on a sounder footing than to build up a good, strong, well-developed credit union for the use of the members of ALPA to establish a cushion against insolvency. An excellent start has been made. If every member of the ALPA FCU will bring in one additional member today, the credit union will