75th Annual Meeting

President’s Report

Celebrating a 75th Anniversary is such a wonderful milestone and is a special occasion to be celebrated. Our celebration this evening isn’t exactly what your Board, Supervisory Committee or Staff had envisioned. The past year has been a challenge for our country, state, and city due to the Covid-19 pandemic. We have many policies and procedures we are required to have in place per the National Credit Union Administration. One of the many policies we’ve had in place for many years is a “Pandemic Policy”. When the pandemic began all, financial institutions had to review their policies and adjust accordingly to make sure we could conduct business as usual.

It has certainly been a 1st in my credit union career to guide and direct a credit union thru such unchartered waters. I know many wonderful things to be true about all of our volunteers and staff. This past year has certainly reminded me of what a dedicated group of individuals I have the good fortune of working side by side with. I want to sincerely thank each and every one of them for staying the course and delivering great credit union
service to all of our members.

Vicki Love
President/CEO

 


Board of Director’s Report

Welcome to the 75th annual meeting of WesTex Federal Credit Union. The annual meeting fulfills a requirement from the National Credit Union Administration, and more importantly, gives us an opportunity to provide our members a report on your Credit Union’s financial status. It is also the time when we elect members to the Board of Directors.

75 years ago, employees of the City of Lubbock joined together to create this Credit Union. They knew that together they could help each other meet important financial goals. They recognized that individually they did not always have what it took to get help from traditional banks. They decided to help each other. That spirit of cooperation and concern for their neighbors is still a guiding value of WesTex Federal Credit Union.

Now 75 years later, we are still working together to help each other meet our financial goals. Our credit union membership and assets continue to grow. Yet even as we grow, our concern for our members and our neighbors is arguably our strongest asset. We still have the same vision: WesTex is committed to fulfilling your financial dreams, while maintaining a stable, fiscally responsible environment. Thank you for your support of our Credit Union. Together, we will grow into the future and remain committed to being community connected.

Albert Perez,
Board Chair


I would like to take this opportunity to express the pride that I feel in being a member of WesTex Federal Credit Union. We are truly blessed to be part of such a great organization that is located in such a friendly and prosperous place known as the South Plains. You and I are served by a group of highly dedicated staff that puts customer service and serving our financial needs at the top of their prior-ities. We would like to thank the members for their patience and continued support during these unprecedented times. With the challenges that COVID- 19 presented this last year, our credit union continued to remain stable.

We ended 2020 with a net income of $169,297.72 and our total assets grew to $82,898,687.24. We made 1,081 loans totaling $9,721,329.07. We truly appreciate your continued membership and look forward to serving you for years to come.

Justin Koontz,
1st Secretary/Treasurer


The Supervisory Committee is tasked with reporting to the WesTex Federal Credit Union members on the financial and management practices of our credit union.

The committee performs many audit activities at all credit union locations. These activities include setting the annual audit, reviewing audit comments and recommendations, performing surprise vault and teller cash counts, scheduling and reviewing biennial member account verifications, and working with Waypoint, an external audit company, who audits more in depth functions of the credit union. The chairperson attends and reports committee functions to the Board at the monthly Board Meetings.

The Annual Audit is scheduled for the week of May 10th of this year and will be performed by Credit Union Resources, Inc. The audit allows us to properly assess the financial and internal controls of the credit union. The contracted scope of services satisfies the requirements of a complete Supervisory Committee’s Annual Review, as set forth in the Nation-al Credit Union Administration (NCUA) Rules and Regulations.

Our committee enjoys the opportunity to serve our fellow members and will continue to strive to improve the safe guards of our credit union.

Phyllis Brown
Supervisory Committee Chair