Southwest Corporate enters 25th anniversary year

DALLAS-The nation's first regionally chartered corporate credit union will celebrate its 25th anniversary this year, said officials at Southwest Corporate Federal Credit Union. Chartered on Sept. 3, 1975, the corporate that has reached almost $4 billion in assets and serves 1,200 members began "with a handshake, $35 and a promise to pay close attention to the needs of credit unions," officials said. Through all the years that came after as the United States economy took its many up- and down-turns, SCFCU continued to expand member services. During periods of long lines at gasoline stations and inflation cycles, the S&L crisis and hype over Y2K, SCFCU "has remained true to its mission, which was service to its members," officials said. Through its expanded investment powers, SCFCU was able to develop a line of investment products that allowed CUs to increase their income. In the category of special share certificates, SCFCU offers "step-ups, amortizing and variable-rate certificates." When added to a CU's portfolio, these "mimic some of the features of the agency securities that are so popular, without the added administrative burden of actually owning the security, said Terry Young of SCFCU. A milestone was reached recently when SCFCU was granted a national charter, making it possible for a CU anywhere in the nation to join the corporate. Celebration festivities will begin at Southwest Corporate's annual meeting April 5 in Dallas, and continue for several months, Young said.