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 spite of great obstacles, Velocity Credit Union had another successful year and remains healthy and stable. As of December 2020, Velocity had a capital-to-asset ratio of 12.83%. Total consolidated assets at year end were $969 million, and our return on average assets was .05%.
In March 2020, as we planned to complete our corporate move to the new headquarters at Quarry Lake Business Center in Northwest Austin, the COVID-19 pandemic began. The unprecedented event presented difficult challenges for all of us, but Velocity moved swiftly and surely to allow most employees to work from home as we closed our branch lobbies to the public for the safety and the health of our employees and members. We look forward to opening our branches to you and the public as soon as it is safe to do so. The pandemic’s challenges were compounded by planning for our intensive March, 2021 core conversion, which would completely replace the fundamental computing systems and processes the credit union uses to conduct almost all transactions for our members.
All this while we continued to build a new downtown branch.
Through a combination of online and mobile banking, our drive-through lanes and ATMs (and our new VelocityLIVE ITMs, which offer a personalized experience akin to working directly with a teller), scheduled appointments in the branch, and curb-side service, we have been able to continue to provide exceptional service to our members.
Last year, we served almost 86,000 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.
Chairman of the Board