June 2020 Newsletter
With many states easing restrictions on business now that the threat of COVID-19 appears to be weakening, we are getting a better picture of the economic effects to the national economy. The Federal Open Market Committee (FOMC) expects rates to remain low for the next few years as our economy attempts to steady itself. Consumer spending and consumer credit have plummeted over the last few months. On a positive note, the unemployment numbers came in last Friday much better than expected, with growth of 2.5 million jobs in May causing the unemployment rate to drop 1.4%, from 14.7% to 13.3%. This is much better than the expected increase to 19%. Locally, we are not seeing large shifts in the economy, but we still feel the economic pressure building. Oil has risen to just under $40 a barrel but, as we have seen over the last few months, this can change rapidly. Due to previous investments in digital banking technology, ALLIANCE has been well positioned to continue serving our members throughout the COVID-19 Pandemic and has seen sustained growth. We have faith in our local economy and the resilience of our membership, and firmly believe we will get through this together; stronger than before.
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What's going on at ALLIANCE?!
All ALLIANCE branch lobbies have reopened to members. Social distancing measures are highly encouraged. Please click HERE for more on what we're doing to protect our members and staff.
Have questions about loan rates? Need a change of address? Text ALLIANCE and talk with an eSolutions representative today! Look for the blue "P" in the corner of each page of our site to get started.
Thank you to those who joined us for the Annual Meeting on May 28th. We look forward to getting together again in person next year! Read below to Meet the 2020 Board of Directors.
Meet the Board
Part of what sets credit unions apart is the Board of Directors. The member elected board has many responsibilities, but their primary goal is to set direction for the credit union. Upper management uses this direction to carry out day to day tasks which in turn helps the credit union grow and flourish. Meet the ALLIANCE Board of Directors and join us in welcoming our new member Lesa Reed!
Rex Andrews Mr. Andrews has been involved with the Credit Union Movement for over 10 years. He has worked in the Lubbock community for many years. The last 4 years he has been a top realtor for Keller Williams. Mr. Andrews was elected to the ACU Board of Directors in 2012 and currently serves as Board Chairman. He also currently serves on the Lubbock Go Red for Women Board and is Chairman of the American Heart Association - Lubbock Board of Directors.
Patsy Wilson Ms. Wilson has been involved with the Credit Union Movement for over 52 years. Patsy worked at ALLIANCE for over 34 years, retiring in 2000. While working for ALLIANCE, her titles included Vice President and President. Ms. Wilson was elected to the Board of Directors in 2014 and serves as Board Vice Chair. She also serves on the Asset/Liability Committee.
Vicki Ritcherson Mrs. Ritcherson has been involved with the Credit Union Movement for over 40 years. She worked for ACU for over 34 years, retiring in 2015. While working for ACU, her title was Branch Manager. Mrs. Ritcherson was elected to the ACU Board of Directors in 2015 and serves as Board Secretary. She currently serves on the ACU Asset/Liability Committee and Tech Team.
Bob Clemmons Mr. Clemmons has been a Lubbock resident for over 53 years. He attended Kilgore Community College and Texas Tech University. He worked for the Lubbock Scottish Rite for 13 years. He is currently retired and devotes his time to the credit union. He served on the Scottish Rite Dormitory Board and the Foundation Board in Waco for several years. Mr. Clemmons has been a member of the credit union for 8 years.
Kenneth Ballard Mr. Ballard has been a Lubbock resident over for 54 years. He attended schools in LISD and graduated from Coronado High School. He attended South Plains College in Levelland and Texas Tech University. He has been employed by Farmers Cooperative Compress for over 34 years. Currently, he is the Plant Manager in Plainview, TX. He has served on the finance committee for St. Luke Methodist, a member of the Southwest Cancer Center committee, and a member of Farmers Cooperative Compress Executive Committee. Mr. Ballard has been a member of Alliance Credit Union for over 16 years and is currently serving as ALLIANCE Credit Union Board of Directors Treasurer.
Darrel Crump Mr. Crump retired from law enforcement after a 35-year career with various city, county, and federal agencies. Mr. Crump has been a member of ALLIANCE Credit Union for over 28 years. He currently serves as Trustee and Committee Chairman for Broadview Baptist Church, as well as serving on other ministry groups. Mr. Crump is a licensed Private Investigator in the State of Texas, and currently works under contract with a private company conducting background investigations for federal agencies. Mr. Crump has served on the ALLIANCE Board of Directors for the past 6 years.
Lesa Reed Mrs. Reed is a Ransom Canyon resident and has been employed by BGR Architects for almost 20 years where she performs accounting and human resource duties. Prior to working at BGR Architects, she worked in the financial industry as a teller, teller supervisor, as well as a new account representative for 14 years. Mrs. Reed has been a member of ALLIANCE Credit Union for over 20 years. She has accepted a position on the Board of Directors at ALLIANCE Credit Union, and is excited to impact the future of the Credit Union Movement in West Texas.
NOTICE OF DOCUMENTS AVAILABLE TO ALL MEMBERS
Documents Available to Members. Upon request. a member is entitled to review or receive a copy of the most recent version of the blowing credit union documents:
- Balance sheet and income statement (the non-confidential pages of the latest cal report may be given to meet this requirement)
- A summary of the most recent annual audit completed in accordance with 91.516 of this chapter (relating to Audits and Verification)
- Written board policy regarding access to the articles of incorporation. bylaws. rules. guidelines. board policies. and copies thereof. and
- Internal Revenue Service Form 990
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