Credit Union News


LIVE OAK, Texas – Col. (Ret.) Fred Walters has announced that, after 23 years of service, he will retire from the Board of Directors of Randolph-Brooks Federal Credit Union effective August 1, 2010. He has been a member of the Board since 1987 and was elected Vice Chairman in 1993 and Chairman in 2005. Col. Walters will be succeeded as Chairman by Col (Ret.) Harry M. Edwards, Ph.D. who has been a director for five years.

Col. Walters is a Senior Financial Representative with the Principal Financial Group. He served on active duty in the Army Air Force and the United States Air Force for 36 years. The National Association of Federal Credit Unions (NAFCU) recently announced that he was selected as the 2010 "Volunteer of the Year" in Randolph-Brooks' asset size category. He also received this award in 1999. These awards are indicative of the dedication and effort he has put forth for the Credit Union Movement.

During Walters' tenure on the Board, the credit union experienced continued growth and success. In 1987, there were only six branches in the greater San Antonio area with a total membership of less than 100,000. Today, 36 branches serve members throughout South Central Texas, with members totaling more than 325,000 and assets exceeding $4 billion. Col. Walters has actively supported the credit union's expansion of service, such as the Freedom Check Card cash back rewards, online member qualification, online banking, eDeposits and mobile deposits. During the past three years, the cash back rewards program that the Board authorized under Col. Walter's leadership put more than $10 million in the pockets of members.

"Col. Fred Walters epitomizes the title of 'public servant'," said RBFCU President/CEO Randy Smith. "Col. Walters has always treated stewardship of the credit union as a great privilege and responsibility and our members have been fortunate to have him as their representative, looking out for their best interests as the credit union has grown."

As credit unions are owned by their members, the Board of Directors is elected by members to provide direction to the credit union leadership on the ways to best serve member needs.