Southwest 66 Is Born
The most significant event during this period was the expansion of the credit union from a SEG based charter to a community charter. With the charter expansion came a name change to Southwest 66 Credit Union. The Midland / Odessa economy was continuing to expand with the oil and gas business and busting at the seams of the town. This charter change was necessary to compete in the region and serve a larger portion of the community.
There were several key things to be noted from this period, including the purchase of property and building of what today still stands as the headquarters of Southwest 66 CU at the 52nd Street location. Assets topped 40MM, and Telephone Teller services were added. This was the time period that Risk Based Lending first came into existence.
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.