New Year's Greeting from the President

President's Desk
January, 2009

      2008 was a year of high points and low points for our country as well as for the economy. In the summer of 2008 we celebrated winning U.S.A. medals at the Beijing Olympics. In the fall, Hurricane Ike brought devastating destruction to our Texas gulf coast leaving Galveston and other gulf cities changed forever. In the weeks leading up to the November presidential election, the world watched as our U.S. government considered economic stimulus packages and bailout bills to stabilize a volatile stock market which had global implications. And, 2008 was a year that seemed to go by faster than most leaving many of us stunned and unprepared for the fourth quarter Holiday Season.

      At Texas Federal Credit Union, your Board of Directors and Management Team felt every bit of the economic crisis last year. Yet, with the Board’s strong leadership and safe and sound lending policies, we managed the credit union’s daily operations in way that would position the credit union to be partners in our members’ efforts to maintain their personal financial stability.

      In 2008, that meant using the credit union’s reserves or “savings” to weather these tough economic times rather than relying on increased fees or high interest rates on loans to profit from our members/owners. In fact, in 2008 the credit union offered historical low interest rates on auto loans for as low as 3.90% APR and signature loans for as low as 5.90% APR.* When other financial institutions were raising rates and/or tightening lending policies, we continued our “More Than A Credit Score” lending program trying to help our members gain access to credit.

      In hindsight, there is much to be thankful for in 2008! I want to personally invite you to join us on March 24 for our 2009 Annual Meeting in Dallas where you will learn more about the credit union’s efforts to “Build Futures One At A Time in 2009.” We will also be honoring retiring board member Harley McIlroy for his 20 years of volunteer service. It will be a special event not to be missed!

      On behalf of TFCU’s board of directors, management, and staff, thank you for your continued membership with Texas Federal Credit Union. We wish you a safe and happy New Year.

Sandra M. Smith
President/CEO

* APR = annual percentage rate.