Previously Texas Workforce Credit Union, we are now Alamo City Credit Union.
What is Alamo city credit union?
It is a cooperative association organized and incorporated under Texas law to help Alamo City members save money safely and conveniently and make it possible for them to borrow at a reasonable rate. The Credit Union is a non-profit organization in that all profits are returned to its members by way of dividends or low rates on loans.
Who owns and controls the CU?
The Credit Union is owned and operated by its members on a non-profit basis for the purpose of serving its members. Each member has a voice and a vote at the annual meeting held in January every year. At this meeting, the directors are elected and policy matters decided.
The Board determines the operating policies and sets rates for loans and savings. It appoints the Supervisory and Credit Committees.
The Supervisory Committee is the watchdog of the organization. It makes regular audits and checks to be sure things are run properly.
Alamo City Credit Union was originally known as Texas Workforce Credit Union when we obtained our charter July 1955. A lot of faith and foresight went into the forming of this solid organization.
At the beginning, $1,500.00 was the maximum deposit per shareholder. The loan limit was set at $200.00 and only loan per family. The interest rate was set at 1% of the unpaid balance. Loan applications poured in and $2500.00 was borrowed from Austin TEC Credit Union.
The limit on personal loans was quickly changed and gradually increased. In May 1958 our first automobile loan was granted. In 1962, other types of loans were added. The Assistant Treasurer/Manager was the only paid employee at that time and was paid the great sum of one share a month. Dough Rays, our newsletter made its first appearance in 1959. In his report for 1959, the state examiner expressed his amazement at the growth of our Credit Union.
Prior to 1973, dividends were paid once a year. Beginning in 1973, dividends were paid semi-annually. Currently, we pay dividends quarterly.
Today, we are over $10 million in assets and have over 1200 members.