In May 1950, a few people with a combined $301 formed the Florida State Welfare Board Employees Credit Union. These charter members came together with one common goal: establish a member-owned cooperative that would provide a safe place to grow their savings and a source for affordable financing. As assets grew and membership included a broader base of employees than the original name implied, the credit union underwent a name change– becoming Florida HRS Credit Union in 1972. Over the next 10 years, changes and reorganizations within the state of Florida allowed more government employees access to the credit union. Membership reached 13,484 in 1980 and assets topped $10 million. In response, the credit union became Government Employees Credit Union of Florida in March 1982. During 1982 – 2000, the credit union benefited from three additional mergers and acquisitions as well as a bylaw amendment that expanded the field of membership to include all state and federal employees. In 2003, three years after celebrating its 50th anniversary, Government Employees Credit Union expanded its field of membership to include all who lived or worked within the counties served in major metropolitan areas across the state and changed its name to First Florida Credit Union.
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The annual inflation rate in the US surged to 6.2% in October of 2021, the highest since November of 1990 and above forecasts of 5.8%. Upward pressure was broad-based, with energy costs recording the biggest gain (30% vs 24.8% in September), namely gasoline (49.6%). Inflation also increased for shelter (3.5% vs 3.2%); food (5.3% vs 4.6%, the highest since January of 2009), namely food at home (5.4% vs 4.5%); new vehicles (9.8% vs 8.7%); used cars and trucks (26.4% percent vs 24.4%); transportation services (4.5% vs 4.4%); apparel (4.3% vs 3.4%); and medical care services (1.7% vs 0.9%). The monthly rate increased to 0.9% from 0.4% in September, also higher than forecasts of 0.6%, boosted by higher cost of energy, shelter, food, used cars and trucks, and new vehicles. source: U.S. Bureau of Labor Statistics
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