Redstone Sets $2 Billion Financial Milestone

Redstone FCU attributes its success to the loyalty of the credit union’s 277,000 members. This is especially true when it comes to the credit union’s recent milestone achievement – reaching $2 billion in assets as of February 2007.

According to Gerald Toland, President and CEO, times have certainly changed since 1951, when Redstone FCU was chartered. The credit union’s focus, however, has never changed – it has always based its mission on member needs, always looking for new ways to provide innovative opportunities that will better serve its members.

On November 28, 1951, 11 individuals with assets totaling just $55 founded Redstone. Originally, the credit union was formed to serve the civilian and military personnel of the U.S. Government who either worked or were stationed at Redstone Arsenal. Today, becoming a member of Redstone FCU is no longer limited to government-related employment. The credit union has proudly served its membership in the Tennessee Valley for more than 55 years and has grown to a total of 18 branches across North Alabama and Tennessee Redstone FCU attributes its growth in asset size to new deposit growth, member growth, and new product growth. Due to this growth, the credit union is able to offer technological benefits, such as online banking, Call-24, e-Statements, and fraud protection. The credit union remains focused on member needs and is constantly seeking new ways to better serve its members. Redstone FCU listens to its members and remains in touch with the local communities it serves, providing products and services that create value for members.

While many credit unions are struggling to bring in deposits, Redstone has been able to consistently grow deposits year after year, according to Kathy Cook, Executive Vice President and Chief Financial Officer. The growth comes from membership, which is increasing at about 4%, as well as new products for existing members. Redstone is in a unique market and is still an occupational-based credit union. Many members are engineers or are involved in the high tech industry and are well educated. They make wise financial decisions and are very loyal to Redstone. While attaining $2 billion in assets is a milestone in Redstone FCU’s history, members can still count on the same personalized service they’ve come to expect. Members are provided a level of service that is not generally available in other financial institutions through the credit union philosophy of“ People Helping People.”

Despite the concerns expressed in the community resulting from other area financial institutions merging, changing their names and services provided to their customers, Redstone FCU never lost sight of the true needs of its members. And that is to provide them with a safe, sound, secure and stable financial institution to take care of their needs.

As Redstone continues to grow in asset size, the credit union also continues to expand in terms of delivery channels and services available to members. Cook recognizes that economies of scale afford Redstone with the opportunity to offer more convenience to members through additional service locations, technology advancements and competitive prices. Although membership at Redstone is no longer exclusive as it once was years ago, all members have the same opportunities for financial education, great service and the best rates in the North Alabama region. Redstone FCU members recognize the role they play in the success of the credit union and that is something they can share with generations to come.

Photographs:

1. Redstone Federal Credit Union’s first Headquarters Building 1950s

2. Sparkman Drive Headquarters Building 1960s – 1970s

3. Wynn Drive Headquarters Building today

4. One of 18 Redstone Federal Credit Union Branch Offices today Visit Redstone FCU online: www.redfcu.org