On April 17, 1936, the National Advisory Committee for Aeronautics (NACA) Laboratory Federal Credit Union was created when twenty-five NACA employees each deposited $1 to pay the charter fee. The following month, the doors opened for business in the office of Ernest J. Shave, the newly elected president. Assets totaled $275. The interest rate on unpaid loan balances was 1% per month. It would soon develop into "Langley Federal Credit Union".