Randolph-Brooks Federal Credit Union Surpasses $5 Billion in Loans
While most consumers expect to finance a major life event, like buying a new home or planning a wedding, at some point in their lives, many people still consider the experience of applying and securing a loan a necessary evil in achieving their financial goals. However, one local credit union is making the typical stressful and cumbersome loan process a thing of the past, and giving its members billions of reasons to borrow.
Randolph-Brooks Federal Credit Union (RBFCU) has exceeded $5 billion in total lending for the first time in the credit union's 63-year history. RBFCU has experienced unprecedented success in all facets of lending, including mortgage loans, auto loans, small business loans and credit cards. The financial institution attributes its continuing lending success to responsible financial practices, competitive low rates and convenient service designed to make the loan process easy for members.
“We are extremely humbled by this milestone,” said Sonya McDonald, chief lending officer for RBFCU. “When we first opened our doors in 1952, it took us nearly 30 years to reach $1 billion in loans. Now, with the help of our members, we are reaching that goal faster than ever.” The achievement, which came a little more than a year after the credit union reached $4 billion in loans in 2014, marks a new record for the credit union.
“As a credit union, we are able to invest any money we make back into providing free and streamlined services, adding new benefits and consistently offering low interest rates to our members,” McDonald said. “Many of our members come to us when they are purchasing a new home or car. We have been able to afford these opportunities to so many of our members by committing to a quick and painless loan process, while providing affordable solutions so members can borrow with peace of mind.”
RBFCU led the market in lowering auto loan rates in 2009, and continues to be among the most competitive lenders in the region. Current auto loan rates are as low as 1.65% APR when members apply online. McDonald adds, “We infuse the credit union philosophy of “people helping people” in everything we do to make our members’ lives easier and the loan process is no different.”
About Randolph-Brooks Federal Credit Union
Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial cooperative whose mission is to improve members’ economic well-being and quality of life. With assets exceeding $6 billion, RBFCU serves more than 550,000 members from 50+ branch locations throughout Texas.