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 ongoing obstacles, Velocity Credit Union had another successful year and remains healthy and stable. As of December 2021, Velocity had a capital-to-asset ratio of 13.95%. Total consolidated assets at year end were $1.1 billion. Our return on assets was 2.35%.
In March 2021, as the COVID-19 pandemic continued, we successfully completed our core conversion (years in the planning) which completely replaced the fundamental computing systems and processes the credit union uses to conduct almost all transactions for our members.
We opened our beautiful, new downtown branch just as all of our branch lobbies reopened to the public, with safety measures in place to protect the health of our employees and members. As the pandemic wore on, our online and mobile banking, drive-through lanes and ATMs/ITMs provided responsive, convenient, and safe service to our members.
While opportunities to participate in physical events were frustratingly few in 2021, Velocity continued to support our long-time charitable partners including the Central Texas Food Bank, Humane Society, CASA for Children, United Way of Greater Austin, and Habitat for Humanity — actively helping to construct “The House that Credit Unions Built!”
Last year, we served more than 85,000 members. We value each one of you — and we count on your participation as part of the cooperative that makes us who we are.
This year, we’ve already rolled out the much-requested Zelle® digital payments network, and just implemented a new Mortgage Lending program so that we can offer our standard level of outstanding service to members seeking home financing.
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