Our annual report showcases our commitment to the ideals of the credit union movement, while providing you—our members—with a secure and reliable local banking alternative.
To our valued members:
The board of directors and employees of Velocity Credit Union are pleased to report another year of upholding our commitment to the ideals of the credit union movement while providing you, our members, a secure financial institution and local banking alternative.
In a stubbornly challenging economy, Velocity Credit Union had another successful year and remains healthy and stable. As of December 2023, Velocity was very well-capitalized with a net worth of 13.93%. Total consolidated assets at year end were $1 billion. Velocity Credit Union is financially secure with one of the strongest capital positions in the industry.
We concluded our 75th year of helping members in the greater Austin area achieve their financial goals with a number of new benefits and services. We partnered with Greenlight, the free debit card and app that helps parents raise financially-smart kids. We now offer merchant services products from Clover to our business members, along with a new Business Mastercard credit card with free rewards.
The staff in our mortgage lending department continues to grow, helping our members seeking conventional mortgages (including jumbo loans), refinances, and home equity and improvement loans to take advantage of the improving housing market.
And in mid-December, we implemented Savvy Money — a free service through online banking. It shows your current credit score, offers strategies for improving it, provides credit monitoring and alerts, and shows you how to save money by presenting you with lower loan rate options tailored to your needs.
On the community front, we’re happy to continue supporting Operation Blue Santa and Habitat for Humanity’s “House That Credit Unions Built”. Giving back to our community is one of our favorite things! Last year, we served more than 81,000 members. We value each one of you — and we count on your participation as part of the cooperative that makes us who we are.
Velocity’s commitment is to provide you with the best customer service experience possible, whether that’s through our personal service or more high-tech conveniences. We appreciate the faith you place in us to meet your financial needs and will continue to work hard to make Velocity Credit Union worthy of being your trusted financial partner for years to come.
Kasha Bartholomew
Chairperson
Debbie Mitchell
President/CEO