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Routing #311376902

President’s Message

The President’s Report - 2024

To Our Members,

Thank you for your membership and business at Access Community Credit Union.  Thank you for your continued trust in Access.  I’m grateful also for the leadership of our faithful board and dedicated team. We strive daily to help families, businesses, and our community achieve financial security and ultimately financial freedom.  In last year’s report, I wrote that 2023 was perhaps the most challenging year Access and other financial institutions have faced in recent memory.  2024 certainly continued the pattern and amplified the challenges and opportunities.  The combination of longer-term inflationary pressures coming off the most aggressive series of Federal Reserve interest rate hikes in over 40 years were the primary drivers. Additionally, 2024 has brought loan quality deterioration to most credit union’s portfolios as prolonged cost increases ripple through the economy. I’m pleased to report that Access continued to do well during another volatile year.  Along with our board and executive team, I’m personally thankful for the path that God has provided and the one He continues to reveal. It is only with His help; that we can rejoice in today and walk out His plans for tomorrow.  

In many ways, 2024 was the same as the prior two years with continuation of slower loan demand and more members struggling to pay loans across the nation and here locally. Deposit holders continue to earn much better returns in the past 3 years than at any time in the prior two decades- that’s a continued breath of fresh air for our members but is becoming more challenging for spreads.  Members were impacted in several ways, the first and most obvious was the increased spending that is drawing down savings, along with slowed loan demand and putting off of major purchases such as cars and homes.  

Back in 2021, I posed the question- ‘Can rates ever really return to normal?  What exactly is normal?’ After nearly two decades of what most would call near zero fed funds, could we be seeing the return of a higher normalized interest rate?  We’ve certainly had higher for longer rates.  The Federal Reserve stopped raising rates midway 2023, halting the most aggressive set of hikes in 40 years (increasing the federal funds rate from .25% to 5.50% in 18 months).  They’ve since lowered rates 3 times for a total of 1.00% reduction, but the impact hasn’t been felt as demand for deposits (funding) by both credit unions and community banks continue to force deposit rates upward or holding.  Meanwhile, collateralized loans (all those other than unsecured personal and credit cards) are nearing cash-flow payment maximums.  This impacts both loan volume and loan rate spreads (difference between loan rates and deposit rates) continue to be impacted for many credit unions. This squeeze is evident with Access Community’s earnings trend.  For 2024, revenue increased 10.3% or by $1.2 million and cost of deposits increased $1.1 million or 42%.  This trend along with putting more money back in provision for loan losses ($162,000 vs. zero in 2023) brought earnings down to near break-even at $111,453 for 2024.        

Despite the economic environment, good things are happening at Access Community. Access’ combined loan delinquency and charge-offs remain 1.12% less than average of local peer and .54% less than national peer averages.  Similar trend with earnings, .18% more than local averages but .63% less than national averages.  Additionally, our team has been very diligent in both good times and tough times with underwriting and processes designed to protect our members financial security and provide paths toward financial freedom.  Our loan portfolio performance is indicative of this mission in action, the mission towards helping each member become financially free of debt.  This isn’t always a popular thing, especially in good times.  Heavier debt loads once fueled by low interest rates had become the norm for most borrowers born after 1970, but times have changed.  Perhaps the current environment is helping more families seek and find the path of long-term financial freedom (delayed gratification) instead of the bondage that trickled into many households during the low rate, debt fueled ‘can I afford the monthly payment’ era.   

Another exciting announcement involves our collaboration efforts with other great local credit unions.  In partnership with Texas Plains FCU and The People’s FCU, we’ve formed a mortgage CUSO (Credit Union Service Organization).  Basically, this is a subsidiary Limited Liability Company that will do business as High Plains Home Lending to bring local decisions and servicing of mortgages to these memberships.  We believe that with the rate induced slow down of loan volumes that the timing is perfect to launch this partnership and believe along with our partner credit unions that it will yield long term win-wins, allowing Access to scale up its programs (reduce costs) and our partner credit unions to experience the same great levels of service on their mortgages that their credit unions provide in every other area.  Work on this partnership has taken about a year to finalize and by months end High Plains Home Lending will be making mortgage loans for our partner credit unions!  This is another area of diligence and collaboration during slower/tougher times to prepare and create rhythm for the future- very exciting for Access and our partners!    

The credit union originated approximately $60 million in gross loans during 2024 continuing the slow-down trend. $73 million was originated in 2023 down from $97 million in 2022, and from $116 million in 2021. During 2024 your credit union also worked hard to improve and offer relevant products.  Special-rate promotional Certificate of Deposits and our Reward Checking have been popular with the rapidly rising rates. Other products and services added during 2024 include the following: 

  • High Yield Business Money Market Accounts
  • Updated Statements
  • Contactless Debit Cards
  • Fed-Now Instant Payments
  • Micro-Business Line of Credit
  • Additional funding for HELP first time mortgage loan grant program

 

We always like to say, it matters where you bank.  Checking accounts grew 8.75% during 2024, with about 6% average growth in the last 5 years.  Additionally, the credit union is closing in on 1,000 Google reviews (4.9 stars) at the time of writing this.  This is a testament to your trust and our amazing team- on behalf of our board and team, thank you!  Since 2019, the community first program combined with other community reinvestment has returned $586,000 to our local community.  Although our giving was down some from prior years with the margin squeeze, Access still allocated nearly $90,000 back to our community in 2024. Our community first committee is here to help folks in our community when life and tragedy strike on an individual and confidential basis.  More information on the different organizations that your membership helps support can be found on our website.  The committee is formed of non-senior management team members elected by their peers to evaluate situations and help when possible.  If you know of someone in need contact Logan Grimm at lgrimm@accesscu.net

       

Our financial condition remained solid during 2024, a reflection of sound oversight by the board and good stewardship by the leadership team.  The Credit Union’s 2024 Annual Report will be made available on our website very soon, but here listed below is a financial snapshot from 2024:         

  • Total Assets increased slightly to $196.5 million at year end 2024
  • Net loans grew by about 1% - to $158.9 million outstanding at year end; a net increase of $1.3 million for the year; we made over $60 million in new loans during the year
  • Member deposits ended at $160.2 million, up 3.4%
  • Our Net Worth remains strong at 10.84%

Last Fall, the credit union also received notification we’d received a grant from NCUA for $48,400 to aid in launching our financial freedom/literacy training.  Our financial literacy and “Access Budget Builder” courses will begin this spring.  Tracy Shea has worked diligently on partnering with many panhandle area business, schools and EDCs.  Please reach out to Tracy if you’re interested in learning more. tshea@accesscu.net.  Another step taken by the credit union during this time of increased inflation was to lower the per item fee for both overdrafts and NSF (Insufficient Funds).  A few years back we instituted our $100 checking account ‘grace’ overdraft limit.  That means any account overdrawn at $100 or less is not charged a fee- we got you covered for being a member!  This year, the board took that one step further, in lowering the per item fee from $22 per item down to $15 per item- the lowest in the area.  While we’d all love to have a world where overdraft programs were not needed, for many members it represents an important lifeline to bridge paydays as life happens.  One of our primary purposes for launching our financial freedom/literacy training is to help young families build emergency funds, budgets and borrow wisely and not have long term reliance on programs like overdraft. 

We have an amazing team that passionately serves our faithful members and each other.  None of this would be possible without the trust and partnership our members have provided for over 71 years.  Once again, it matters where and how you choose to bank and we’re blessed to have your trust and support as we enter year number 72!  On behalf of our board and team, thank you! 

May God bless you and your family in 2025! 

Respectfully,

 

John Hays

President / CEO

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Access Community Credit Union is committed to serving all persons within our field of membership, including those with disabilities. We strive to make not only our physical branches accessible, but also to conform to WCAG 2.0 guidelines for website accessibility. Our efforts are ongoing including frequent testing and updates to improve accessibility. Should you have any problems accessing our branches or website, please call us at 1-800-687-2990 so that we may promptly assist you and remedy any accessibility concerns.

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Welcome to Access Community Credit Union in Amarillo, Texas! At Access Community Credit Union, we believe in providing our members with the financial tools they need to achieve their goals. As a not-for-profit financial institution, we return our profits back to our members in the form of better rates and lower fees. Our goal is to help you make the most of your money, and we strive to do this through a variety of products and services. Our Services: Checking and savings accounts Loan options, including personal, auto, and home loans Credit cards with competitive rates Online and mobile banking Investment services And more! Why Choose ACCU: Local decision making Personalized service Competitive rates A commitment to our community At Access Community Credit Union, we are more than just a financial institution. We are a part of the Amarillo community and we take pride in supporting and giving back to our neighbors. Visit us today and discover why Access Community Credit Union is the right choice for you and your financial future. OUR STORY In 1953, Southwestern Public Service CO (SPS) employees came together to establish Public Service Employees Credit Union. This not-for-profit cooperative would serve employees and their families growing financial needs under the mission of “people helping people.” As the company continued to grow, so did the credit union and in 1999 Public Service Employees Credit Union was renamed and rebranded as Access Credit Union and membership was opened to select employer groups. In July of 2003 Access was granted a community charter to allow anyone who lives, works, worships or attends school in Potter or Randall counties eligibility for membership. The credit union operates 4 branch locations in Amarillo: 6401 S. Bell, 201 Tascosa Road, 2531 Paramount Blvd, and the Mortgage Center, 6020 I-40 West. The credit union today looks vastly different from the one in 1953. In building on the mission of “people helping people,” the board and senior team began in the early 2000’s to refocus toward the future. “Helping You Build Financial Security” was defined as the credit union’s purpose statement under the foundational core values of “relationships, integrity and service.” Since that time the credit union has doubled in asset size, with growth sustained by making member focused decisions, and introducing member focused products and services. For Access, member focused means one thing, always providing “trusted advice” regardless of the issue or situation. We believe this helps more families in our community and those families will tell other families and friends. What makes us different than a bank? Bank profits generally benefit a group of shareholders who own stock in the bank. Credit union profits are returned by lower loan rates, and fees as well as higher dividend rates on deposits to all credit union members. Another major difference is that credit unions are governed by volunteer board of directors elected by the membership. At Access and at most credit unions these board members are not compensated monetarily. Simply put, credit unions offer many similar services of banks (loans, checking accounts, online banking, apps, etc) but serve a different purpose: to provide a better deal to the members. We offer you the tools to take control of your website's content. Ensure your placement in Google's ranking and increase your leads and conversions by keeping your content up to date and relevant with runCMS. runCMS does not rely on third party plugins that are prone to breakage. Instead, it is actively developed, hosted, and supported by the friendly and experienced staff at Run Business Solutions. That means that you don't need to worry about dealing with hard-to-reach, unreliable web hosting companies. runCMS is powerful and easy to use. We would love to show you how it works. 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There is a full multi-level undo/redo mechanism with action trails like Microsoft Word. The editor includes a spell checker, find and replace tool, and a table builder. The editor also includes a powerful hyperlink manager, image manager, and document manager. The image manager allows users to edit images. The RunIT CMS Custom Content Editor produces clean, semantic HTML markup that users can view or edit with the click of a button. This allows for advanced users to embed videos, add custom scripts or styles, and generally take total control of how the HTML is going to look. Content Blocks There is no reason to repeat the same action (such as copying and pasting) to update multiple pages. No one enjoys manually updating each page of a website in order to update a hyperlink or an image. It is our goal to eliminate duplicate work when it comes to editing web content. That's what Content Blocks are all about. 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