President's Letter

Interest rates remained at 20-year highs which brought great saving opportunities to our members. However, those that wanted to borrow saw cost increase which ultimately, slowed loan growth. Balancing this environment presented challenges as we continued to strive to give our members the rates they expect and deserve. Our philosophy of People Helping People remains our driving force. Our focus remains on our members and their communities with the same heart and mission you have come to know.
 
Your credit union remained strong this past year. Membership at year-end was 36,364, with total assets at $455 million! Deposits remained steady at $387 million with $3.8 million being paid out in dividends. Our
capital position remained strong at 11.62%. We continue to receive top ratings from both state and federal regulators as safety and soundness has always been a top priority. 
 
As we continued to see rates increase in 2023, the competition for your dollars increased as well. The 2024 environment remains a little uncertain. However, we remained steadfast in our responsibility to offer
competitive rates with both deposit and loan products. This philosophy combined with continually looking for new products and services, that can better serve our members, has kept us strong since 1941.
 
Being growthminded in today’s competitive environment is required for future success. Connecting to our entire field of membership and sharing our spirit and values will help drive success for years to come. People helping people will always define who we are. Revity Credit Union will always have the same heart, the same mission, and same dedication to our members!
 
Your credit union has remained resilient throughout our history and that will continue. Change is constant and we know we must adapt to our member’s needs. Our longevity is a direct result of this ability along with our values that puts honesty, integrity, and trust first. We will always strive to be the neighborly credit union you have come to know for 83 years. On behalf of the Board and our employees, we thank you for your continued support, trust, and confidence of Revity Credit Union. We
exist because of you!

 

Sincerely,

Keith Burton
President/CEO

 

Benefits of being a credit union member

Federally chartered, and many state-chartered credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is managed by the National Credit Union Administration, an agency of the federal government. As a federal deposit insurance fund, the NCUSIF is backed by the full faith and credit of the U.S. government. The NCUSIF is the only deposit insurance fund that operates on a pay-as-you-go system, which prevents the accumulation of annual losses. The NCUSIF has never had to use taxpayers' money.

Credit Unions Banks
Credit unions have members, not customers. Each person who deposits money in a credit union becomes a member of the credit union because his deposit is considered his share of the ownership. That means credit unions are member-owned. Each member is also an owner of the credit union. Banks can serve anyone in the general public. Banks have customers who have no voice in how the bank is operated. Banks are owned by small groups of investors who expect a certain return on their investments.
Credit unions are democratically controlled. They are run by a volunteer board of directors elected by and from the membership. Each member has one vote in electing board members and certain committee members and can run for election to the board or committees. At banks, only the investors have voting privileges. Customers don't have voting rights, cannot be elected to the board, and have no authority in the overall governance of their bank.
Credit unions are not-for-profit. This doesn't mean that they do not or should not make a profit. After expenses are paid and reserves are set aside, surplus earnings are returned to members in the forms of higher dividends, lower loan rates and free or low-cost services. In banks, only the investors get a share of the profits.
Federally chartered and many state-chartered credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is managed by the National Credit Union Administration, an agency of the federal government. As a federal deposit insurance fund, the NCUSIF is backed by the full faith and credit of the U.S. government. The NCUSIF is the only deposit insurance fund that operates on a pay-as-you-go system, which prevents the accumulation of annual losses. The NCUSIF has never had to use taxpayers' money. Banks are insured by the federal government. Their insurance fund is called the Federal Deposit Insurance Corp. Part of this fund, which covers savings and loans, had to be bailed out by using billions of dollars of taxpayers' money. The FDIC is not operated on a pay-as-you-go system.
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