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James Nollie Watts, Coloramo's first president, wrote this about the founding of Coloramo:
"The organization meeting was held in Bob Langridge’s office, the chief chemist...As we were using Bob’s desk, he signed the charter application first and I signed second, as I was sitting next to him, and so on, until 10 of us had signed. After the papers were approved by the Bureau of Federal Credit Unions (now the NCUA), we started operations on June 8, 1953.
"The first ten membership books were issued to the employees signing the charter in the order in which they signed. I had Membership #2 for many years. The credit union was initially open from 1 – 3 pm, two days a week, with its office in the North Guard House. As it grew and as their space was needed for other things, it was moved into every building on the compound, including an addition on the steam plant, except for the sampling plant, chemical laboratory, and the garage building.
"During the first week, all of the charter members went knocking on doors asking people to join so we would have something to loan out. At the end of the week, we had $1,000 on deposit and $1,000 loaned out!"
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