Billionaire’s Club: Fort Knox FCU CEO Does It ‘the Old-Fashioned Way’
About five years ago, Fort Knox Federal Credit Union moved about $180 million into investments paying just over 5%, and locked that money in for five years.
It was a dramatic shift. The previous investments had been paying more, so at the time it might not have seemed a sensible move. Looking back, it could well be described as the right move at the right time, helping shelter the credit union from what is now called the Great Recession.
As credit unions become larger, Rissel suggested, they may start looking more like banks. But one example of the credit union movement at work occurred in 1995 following the bombing of the Alfred P. Murrah Federal Building in Oklahoma City.
Federal Employees Credit Union–now Allegiance Credit Union–was located in one of the most devastated parts of the building. Fort Knox FCU sent 16 employees at its own expense to work in that credit union for six weeks.