A Charter Change
The 1960’s saw a tremendous period of change and growth for the credit union. Assets hit the one million dollar mark, the first student loan was offered at 7%, and for the first time a 6% dividend was paid to members at the end of a year. As a side note, Treasurer (CEO) Ed Rowland joined the International CUES Council and continued to deliver on the service and “people helping people” philosophy he lived every day during his tenure with the credit union.
During this time it was necessary to change to a state charter, as this allowed the credit union toserve the entire employee base of Phillips Petroleum Company located in West Texas and Eastern New Mexico. The conversion was easily and seamlessly approved by Mr. Buford Lankford, Federal Bureau Representative, as of April 15th, 1964. At the time of conversion, the credit union had 872K in Shares and 727K in Loans. The name change from Odessa 66 FCU to Odessa 66 CU occurred at this time, and was celebrated as a big step forward by the membership.
In 1952, Mr. Brumbelow was promoted and given company housing. As there was no room to conduct credit union business, a decision was made to build a true office into a stall of multiple garages attached to the company housing. It was during this transition that Ed Rowland took over as Treasurer and began to lead the credit union. After a couple of years working out of the garage stall, Phillips allowed the credit union to relocate the office to the fifth floor of the newly completed Phillips Building, in order to be more convenient to their employees.
A few of the highlights from the 1950’s include loan limits being raised to $400, and the first need to acquire liquidity from another financial institution. Due to the charter change from Phillips FCU and the membership influx that came from it, Odessa 66 CU reached out to Shell Employee’s CU and received a $10,000 loan to fund this growth.
The last five years have brought about tremendous change in Southwest 66 Credit Union, and has placed the credit union in a better position than ever before. 2012 was a record year for the credit union financially, hitting the highest net income mark in it’s history. This was surpassed again in 2013 and 2014, with $85 million in assets today. Southwest 66 Credit Union was recognized by the Credit Union National Association (CUNA) as the 2014 Community Credit Union of the Year for its exemplary principles and service. All of this is happening as the credit union looks forward to celebrating it’s 66th anniversary in 2015.
Through the hard work of the Board of Directors, and the staff’s incredible level of dedication, the future of the credit union is brighter than ever. With a recent awarding of the prestigious Juntos Avanzamos (“Together We Advance”, certifying a credit union’s commitment to the Hispanic Community) designation, a whole new market will be served by the credit union. Our message remains, “How can we change your life today? In 2015, we will offer you “66 Reasons” as we celebrate 66 years of serving the Permian Basin.