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.
Despite a tightening economy, Velocity Credit Union had another successful year and remains healthy and stable. As of December 2022, Velocity was very well-capitalized with a net worth of 14.80%. Total consolidated assets at year end were $1 billion. Our return on assets was .51%. Velocity Credit Union is financially very sound with one of the strongest capital positions in the industry.
In September 2022, we began to celebrate our 75th anniversary of helping members in the greater Austin area achieve their financial goals. But we’re not resting on that solid foundation and our past successes. We have continued to grow, becoming a fullservice mortgage provider — expanding our home lending staff and offering conventional mortgages (including jumbo loans), refinancing, and home equity and improvement loans.
As pandemic restrictions lifted and in-person gatherings returned, we continued to support our long-time charitable partners including the Central Texas Food Bank, Humane Society, CASA for Children, United Way of Greater Austin, Operation Blue Santa, and Habitat for Humanity.
Last year, we served more than 83,000 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.