The Credit Union Difference Part 2: What’s In A Membership?

As a member of WesTex Federal Credit Union, you are uniquely positioned to manage your finances and watch your money grow on the best possible terms. Like the member of an elite club, you are entitled to exclusive privileges and individualized service, courtesy of your credit union.
Let’s take a quick look at some of the benefits you can enjoy as a member of a credit union!

1. Highly personalized service

Credit unions are well known for the highly personalized and attentive service they provide to members. A 2017 American Customer Satisfaction Index Finance and Insurance Report found that members rate credit unions as having better service than banks, scoring an average of 82 out of 100. It’s part of what makes credit unions unique.

When you step through the door of , you know you’ll always be welcomed by familiar faces, warm smiles and friendly greetings. There are no impersonal tellers who don’t know you or your financial situation — just our helpful service representatives who treat you like family. No matter your age or stage, our MSRPs are happy to guide you through any monetary challenge and assist you in reaching your financial goals.

At WesTex Federal Credit Union, our outstanding member service means we’re personally invested in your financial well-being and only want to see your success. To that end, we’ll grant you a loan quicker than most big banks, graciously looking past some tarnished credit history and skipping the overly thorough background check. We also host financial education seminars for members and the larger community throughout the year, enabling you to broaden your money knowledge and to learn how to make smarter financial choices.

2. Increased value for your money

As a not-for-profit cooperative, your credit union has modest overhead and marketing expenses. is proud to pass these savings on to you in the form of low or no account fees, better loan terms and higher dividend payments on your savings.

According to a report by the Credit Union National Association (CUNA), which studied credit unions in New York from March of 2017 through March of 2018, credit unions provided average financial benefits that were equivalent to $85 per member and $178 per household. Another 2018 study performed by Bankrate found that 84 percent of the nation’s 50 largest credit unions offered their members checking accounts with no monthly maintenance fee. [Here at we’re proud to offer our members the same; our checking accounts are completely cost-free.]

We don’t have outside investors to answer to. This enables us to be more attuned to your needs without worrying about increasing our own worth. Our not-for-profit status frees us to offer you optimal terms on share certificates, savings accounts and more. It’s more money in your pocket just for being a member.

3. A voice in how the credit union operates

As mentioned, your credit union does not need to answer to stockholders. Instead, is member owned, operating with only your best interests in mind.

As a full-fledged member of WesTex Federal Credit Union, you have a voice in how your credit union runs. You are invited to cast your ballot in our [annual] elections in which we vote on a volunteer board of directors. The board is then charged with oversight of the credit union and forming all official decisions regarding the way the credit union operates. Our board comprises members of the credit union, just like you. This means the decisions they make will always be advantageous to our membership and to the general community instead of trying to pander to outside stockholders. We’re all about doing what’s best for our members.

4. A chance to give back to the community

We’re strong believers in giving back to the community. We support many community initiatives and organizations, and we are committed to making decisions that benefit the entire community. 

When you choose WesTex, you’re choosing to give back to the community, too.

You are entitled to enjoy all of these benefits and so much more. Whatever your particular needs are, we’re here to help you manage your finances every step of the way. Call, click, or stop by today to learn how to make your membership work for you in the best way possible.

Experience the credit union difference.

The Credit Union Difference Part 1: The History Of Credit Unions

As a member of , you know that credit unions are always striving to serve their members and community in as many ways as possible. We value each member’s input as an equal owner in the credit union, and offer flexible loan terms as well as low-cost accounts. We also reward our members with higher dividends, and proudly donate our time and our resources to community initiatives and organizations.

This article is the first in a series celebrating the history, contributions and benefits of credit unions.

Both credit unions and banks provide those they serve with a broad range of financial services and products. However, there are multiple distinctions between the two institutions. The primary credit union difference lies at its core: Banks are created to generate profit for their owners; credit unions are created to provide members with a place to manage their finances at the best possible terms.

The noble goal of putting members first is deeply rooted in the rich history of the credit union movement. Let’s take a quick look at the backstory of credit unions and how they came to be the thriving financial institutions we know today.

The first credit union was established in 1864 by Friedrich Raiffeisen in rural southern Germany. Raiffeisen believed his neighbors and friends could enjoy an enhanced standard of living if only they had access to common funds. He proposed that all community members pool their resources so individuals in need of loans could easily access the necessary funds. Raiffeisen’s idea was well received by his community, and the first credit union model was soon established.

In 1909, the credit union movement crossed the ocean to reach American shores. With Edward Filene serving as its pioneer, the movement gained momentum and continued its growth. In 1920, Filene hired attorney Roy F. Bergengren to assist him in generating the movement’s expansion. Bergengren soon created a more systematized concept for the credit union model we know and love today.

Credit unions were gaining popularity and popping up all over America, but it was only in the 1930s that the credit union movement achieved federal recognition and national acceptance.

When President Franklin Delano Roosevelt signed the Federal Credit Union Act into law in 1934, federally chartered credit unions in every state became legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices.

The Federal Credit Union Act enhanced the public’s confidence in the credit union movement, and it continued to spread across the country. In 1970, that sense of security grew stronger when the National Credit Union Share Insurance Fund (NCUSIF) was established. Credit union deposits gained federal insurance that functions much in the way the FDIC insures bank deposits. Your money is always safe at !

With the credit union movement growing at its most rapid pace, prospective members flocked to join the new member-owned financial institutions being established all over the U.S. In fact, between 1970 and 1979, credit union assets in America tripled.

In 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products to their membership, most notably mortgage lending and share certificates (which function much like CDs).

Today, the credit union movement continues to thrive in the path charted by its predecessors and is backed by the “full faith and credit of the United States Government.” These not-for-profit institutions serve more than 103 million members by always putting their members’ needs first and helping them achieve their personal goals through sound financial practices and targeted advice.

Here at , we’re proud to be a part of the collective institutions dedicated to the credit union mission. At the core of our values is an unwavering commitment to creating mutual benefits for members and the larger community. To that end, we are always here to help our members and enable them to optimize their savings or manage their finances as smoothly as possible. Our innovative banking solutions, low fees and high dividend rates, along with personalized service, help members achieve and maintain financial wellness no matter the financial goals they have. As a member-owned institution, our only objective is your satisfaction and your success.

Credit union history is still in the making. Be a part of it by calling, clicking or stopping by today to learn about our exceptional financial products and to benefit from our highly personalized service.

Experience the credit union difference!

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


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

Cure For The Summertime Blues, Children’s Home of Lubbock


We are happy to say THANK YOU to all who donated camping gear and sports equipment for our “Cure For The Summertime Blues” campaign this summer for the Children’s Home of Lubbock. Through your generous donations, we were able to supply the kids with bicycles, scooters, skateboards, baseball gloves bats and balls, footballs, water slides, hula hoops, badminton sets, frisbees, tennis rackets and balls and SOOOOO much more!

THANK YOU WEST TEXAS for your generous donations to help the kids at the Children’s Home of Lubbock have a great summer!!!

WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock  WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock  WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock  WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock  WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock  WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock  WesTex FCU Curing The Summertime Blues at the Children's Home of Lubbock


Josh helps Andres Pays It Forward – KCBD Video

WesTex Federal Credit Union is proud to sponsor KCBD’s “Pay It Forward”  segment. You can see it every Monday night at 10pm.


KCBD NewsChannel 11 Lubbock

iPhone5s Drawing

L.R. Rivera Pays It Forward: 11/18 – Sponsored By WesTex FCU

WesTex Federal Credit Union is proud to sponsor KCBD’s Pay It Forward segment.

This week’s Pay It Forward segment began near the intersection of 82nd Street and the Tahoka Highway. We set up with our Pay It Forward sign searching for this week’s playmaker.

Within a couple of minutes, L.R. Rivera spotted our sign and pulled into the parking lot. L.R. has watched Pay It Forward in the past and knew who he wanted to help out. L.R. picked Gary Anderson as this week’s recipient of $300.

L.R. told us that Gary works at Manual’s Appliances near 82nd and the Tahoka Highway. L.R. told us that Gary does not have a vehicle right now. His vehicle broke down and he fell on hard times with bills as the holidays are approaching.

We took a short drive to Manual’s Appliances where we found Gary hard at LR Rivera 11-18-13work lifting appliances. L.R. counted out $300 to Gary. Gary was speechless and extremely grateful for the extra help.

Gary was emotional, but very happy that L.R. chose him. Gary said the money would come in handy with Christmas just around the corner.

Be looking for our Pay It Forward sign soon. You may become our next playmaker who makes a difference across the South Plains…

Copyright 2013 KCBD. All rights reserved.

Matt Simpkins Pays It Forward: 11/11 — Sponsored By WesTex FCU

WesTex Federal Credit Union is proud to sponsor KCBD’s Pay It Forward segment.

This week’s Pay It Forward segment began near the intersection of Marsha Sharp Freeway and West Loop 289. We set up with our Pay It Forward sign searching for this week’s playmaker.

Within a couple of minutes, Matt Simpkins spotted our sign and pulled into the parking lot. Matt had seen Pay It Forward in the past and knew who he wanted to help out. Matt picked Sid Guzman as this week’s recipient of $300.

Matt told us that Sid works at the Lov-Cot Warehouse along North

Sid Guzman was actually rendered speechless when he received the $300

Sid Guzman was actually rendered speechless when he received the $300

Loop 289. Matt told us that Sid’s work is seasonal and dependent on the cotton industry, which has been sluggish the past few years. With Christmas around the corner, Matt told us that Sid could probably use the money to help out during the holidays.

Sid has four children and Matt explained that Sid is hard working and has the “best attitude you can find in a person.”

We drove to Lov-Cot Warehouse where we found Sid at the front desk. We caught Sid completely off-guard. He was speechless.

“I don’t know what to say!” Sid explained. “I’m just….happy!”

Be looking for our Pay It Forward sign soon. You may become our next playmaker who makes a difference across the South Plains…

Copyright 2013 KCBD. All rights reserved.

Halloween at the Credit Union!

We had some fun for Halloween at the Credit Union! Do you recognize anyone?






Angelica Rosales Pays It Forward 11/4 – Sponsored By WesTex FCU

KCBD NewsChannel 11 Lubbock

Our Pay It Forward started out along North University just north of the Marsha Sharp Freeway this week. We set up with our Pay It Forward sign seeking this week’s playmaker.

A minute or two passed by before our playmaker arrived.

Angelica knew who she wanted to help out right away. She chose Leslie Reyna as this week’s Pay It Forward recipient. Angelica explained that Leslie has diabetes and is a single mother of two. Her son was recently born premature. Leslie mounted significant medical bills and with the tough economy, Angelica felt that Leslie could use the extra help.

So we drove down the road a bit. When we arrived, Angelica told us Leslie was not one to ask for help, but it felt good to help her out. Angelica knew that Leslie would be surprised…

When we arrived at Leslie’s house, she opened the door with her baby in tow. She was giving her baby a bath. She was completely shocked and said,Pay-It-Forward-11_14_13 “It’s a blessing!”

Leslie explained that she has diabetes, has no insurance and is missing work because she is caring for herself and her children. Angelica and Leslie were both emotional, but thankful that they were in the right place at the right time.

Be looking for our Pay It Forward sign soon. You may become the next playmaker who makes a difference to someone on the South Plains.

Copyright 2013 KCBD. All rights reserved.