THE SWACU NEWSLETTER SUMMER 2020 For 27 years, credit unions have been my life’s work. My passion for credit unions is based on the values we represent as an industry. If you look on Wikipedia, you will find the following: A credit union is a memberowned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services. People Helping People! I still get chills when I see that phrase. We are an important business that helps our members every single day. I hear stories from our membership about ways we helped them with an emergency loan when they lost their job, provided a way for them to buy their first home, helped them unravel payday/title lender debt or offered them electronic solutions for doing business when they could not leave their homes due to COVID-19. Our staff genuinely cares about our members and we look for ways to accommodate requests that might otherwise be denied by a typical financial institution. In times like these as a nation, we are looking for something positive to shine through. I hope you find that positive light through SWACU. The Credit Union Movement has traditionally had seven Cooperative Principles (tenants) to guide our industry. These principles are simple, and time tested. I share them here and have added some of what each one means to the movement and SWACU. 1) Voluntary Membership. Credit unions are voluntary, not-for-profit, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political, or religious discrimination. We stand for the financial well-being of ALL our members. 2) Democratic Member Control. Cooperatives are democratic organizations owned and controlled by their members – one member, one vote. Each member has earned one vote because they belong, regardless of their status. 3) Members’ Economic Participation. Our members trust us because credit unions, which typically offer better rates, fees, and service than for-profit financial institutions, recognize benefits in proportion to the extent of their financial transactions and general usage.
TOTAL LOANS
$447,875,300 TOTAL DEPOSITS
$608,681,186 TOTAL ASSETS
$683,804,341
4) Autonomy and Independence. Cooperatives are autonomous, self-help organizations controlled by their members. Our members come first.
TOTAL MEMBERS
5) Education, Training, and Information. Cooperatives provide education and training for members, elected representatives, managers, and employees so they can contribute effectively to the development of the cooperative. We practice empathy and use all our resources to provide support to help members prosper and achieve financial well-being.
FINANCIALS
6) Cooperation Among Cooperatives. Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, state, regional, national, and international structures. Credit unions are worth fighting for and our members are worth fighting for. We are stronger as an industry when we put our differences aside and work together. 7) Concern for Community. While focusing on member needs, cooperatives work for the sustainable development of communities in the form of supporting charities and causes important to our field of membership. We are a reflection of those we serve. We seek ways to ensure people in our field of membership can find a pathway to prosperity. As I state in each newsletter, SWACU is here for you. Maybe in ways you never considered. Keep us top of mind when it comes to your financial needs. We want to show you that we are different from other financial institutions in a positive way!
58,138
As of May 31, 2020
IN THIS ISSUE:
• Cash Back Auto Loan Date Extension
• SWACU Celebrates
45 Years of Service
• SWACU’s eServices • Life Time Membership with Active Account
• Scholarship Winners • Important Dates
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