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.
Velocity Credit Union had another successful year and remains healthy and stable. As of December 2018, Velocity was very well-capitalized with a net worth of 13.76% — which is well above the industry standard. Total consolidated assets at year end were $840 million. Our return on assets was 1.27% above industry goal of 1%.
In 2018, the credit union began the process of selling some of our current downtown properties. Be assured, this does not mean that Velocity will be abandoning its downtown location — the credit union remains committed to maintaining an office at its current location for decades to come. However, to better leverage the value of our downtown real estate assets, and provide much needed room for our staff at the main office, Velocity is in the process of selling some of this property and has purchased a new headquarters in north Austin, with plenty of room for future growth. We will construct a brand new branch facility at our current downtown location. In this way, more of the assets of the credit union are put to work for the benefit of the membership and to provide room for growth for years to come.
Our membership reached more than 88,000 last year. We value each one of you — and we count on your participation as part of the cooperative that makes us who we are. We are proud to report that your credit union remains stable and strong.
Velocity’s commitment is to provide you with the best banking 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.
Chairman of the Board