RBFCU Receives "Superior" Rating from IDC
Top Ranked CU in Texas
(Live Oak, Texas) – While financial institutions across the country are looking at "stress tests" to gauge their strength and stability, locally-based Randolph-Brooks Federal Credit Union (RBFCU) received a "superior" ranking from the nation's leading independent analyst of all government-reporting financial institutions.
Since 1985, IDC Financial Publishing, Inc. has provided key performance measurement data for financial institutions. According to the IDC web site, their proprietary analysis is based on financial information reported by each institution to the federal government and they calculate over 35 key ratios and assign a ranking. Based on December 2008 data, RBFCU was rated "superior" for the 49th consecutive six-month period, and ranks as the top-rated credit union over $2 billion in assets in the state of Texas and fourth in the country.
These ratings reflect our success in the member service arena," says Randy Smith, President and CEO of RBFCU. "If we continue to take care of members, providing quality products and services and treating them like family, the results are stronger financial ratios and growth percentages. This ranking gives us an indication that our overall operation is very strong."
This rating comes as RBFCU is experiencing a surge in both membership and lending. "This year, we've averaged about 4,300 new members per month," explains John Kelly, Senior Vice President of Planning and Marketing. "This is up 40 percent over last year and we think it shows a pent-up demand for a locally-owned financial institution that truly looks out for its members."
One way RBFCU helps its members is by offering some of the lowest loan rates in the area. In fact, while many financial institutions are seeing lackluster loan volume, RBFCU is experiencing record growth, with loan volume up 30 percent over 2008. "We have disciplined lending practices that help members while making sure they don't get in over their heads," says Chris O'Connor, Senior Vice President of Consumer Lending. "Because of our financial strength and stability, we can afford to give back to our members in the form of better loan rates."
And just recently, credit union officials were informed the national Small Business Administration (SBA) awarded RBFCU "Credit Union Lender of the Year." Kenan Pankau, Business Services Lending Manager, will travel to Washington, D.C. during National Small Business Week, May 17-19, to receive the award and meet President Barack Obama.
"When small business succeeds, the economy grows," says Smith. "We're proud to receive this award because it provides further proof that we're doing things right and helping members when they need us most."
With all the success they've achieved, it would be easy to rest on past accomplishments, but RBFCU is looking to see how it can better serve members. "This year, we introduced the ability to open an account online and make deposits from home and that is catching on," says Smith, who explained online deposits totaled $6 million since the program was introduced in January. "But the financial industry is constantly changing and it's important to continuously innovate and improve, making sure we're providing members with the most convenient access to their money."
Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial institution whose mission is to improve members' economic well-being and quality of life. With assets exceeding $3 billion, Randolph-Brooks serves more than 285,000 members from 30 branch locations throughout south central Texas.