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REED CREDIT UNION
MARCH 5, 2017
America’s credit unions are full-service,
financial institutions owned by the depositors, the members of
the organization, and not by private investors, other
institutions, or foreign organizations. Funds deposited and
loans made help the members and their local communities.
Reed Credit Union opened its doors in 1935
with the vision to serve its members. Since then, our goal has
always been the same: to meet your financial needs and to
provide you with opportunities that enable you and your family
to succeed. With your support, the Reed Credit Union has grown
over the years to over 16 million dollars in assets and more
than 2,000 members.
Reed Credit Union is well positioned to be
your primary financial service provider. We offer a wide array
of services including:
membership includes NOV and several other small business within
the general vicinity of our main office
Since our annual meeting last year, in an
effort to improve our profitability and with recommendation from
our examiner, we have taken two steps to improve our
profitability. This past summer we joined the Credit Union
Alliance Corporation (CUAC) to allow us to provide auto loans to
customers of CUAC affiliated dealers in the Houston
area. This has already improved our loan portfolio. And just
last month, we joined the Catalyst Corporate Federal Credit
Union Loan Participation program.
Now a little about what makes credit unions
unique among financial institutions
Equal Ownership – Credit unions are democratically
controlled and member-owned and operated. Each member has equal
ownership and one vote regardless of how much money he or she
has in savings.
Not For Profit – Credit unions are not-for-profit
financial cooperatives that provide a safe, convenient place for
members to save money and access loans and other financial
services at reasonable rates. And like other financial
institutions, credit unions are closely regulated and insured.
An agency of the federal government, the National Credit Union
Administration, manages the National Credit Union Share
Insurance Fund (NCUSIF), insuring savings accounts up to
Social Purpose: People Helping People – Credit unions
exist to serve their members, not to make a profit. Every member
counts, including those of modest means. This “people-first”
philosophy impels credit unions and their employees to get
involved in their community and support worthwhile causes.
Volunteer Leadership – Each credit union is governed by
a volunteer board of directors elected by and from the credit
Financial Education for Members – Credit unions place
particular importance on educational opportunities for their
members and the public to help everyone become better-educated
consumers of financial services.
Trust – Lately credit unions have
received positive press for being trustworthy and resilient
institutions during a tumultuous time. Credit union members
worldwide can be proud of these accomplishments and rest assured
that their money is safe at the credit union.
Credit unions bring trustworthy and
affordable financial services to areas not typically served by
more traditional financial institutions or commercial banks.
Expanding services to underserved areas gives members an
opportunity to improve their lives.
No matter where you are in the world, access to financial
services is vital. Rich or poor, we all face similar challenges
in life. Together, credit unions are helping members overcome
those challenges — not only here in Houston, but throughout the
world. Credit unions have consistently carried on the traditions
set forth by their founders and exemplified the values of
thrift, self-sufficiency and volunteer leadership democratically
elected from among the members. Those qualities help credit
unions create a special place for themselves among the world’s
Folks are heading to their local credit
union. Just recently, internationally acclaimed personal finance
expert Suzie Orman spoke about the benefits of credit unions.
Personal finance editor Gerri Willis told CNN viewers that they
may get a better deal at a credit union. And recently I heard
Dave Ramsey, on his radio program which airs locally on KPRC and
who promotes building wealth through reducing debt, advising
listeners to explore the benefits of credit unions.
These are a few examples of how the
information media and financial experts are taking notice.
Clearly they have discovered what all of us have known for a
very long time – cooperatives are a solid business model with a
proven track record for success.
These are important differences that keep
credit unions accountable to the people we serve. Not to an
anonymous group of big-money investors. At the end of the day
the only investors we have to satisfy are our members - you and
Our credit union’s management and staff has
done an excellent job of helping the credit union be accountable
to the highest standards demanded by our membership and board of
thanks to all of you for taking the time to be involved in your
credit union. Here’s to a successful year ahead for you, your
family, your business, and the credit union.