Company Research Report: Space City Credit Union

Company Overview

• Name: Space City Credit Union

• Mission: "Going Above and Beyond Your Expectations."

• Founded: 1965

• Founder(s): A handful of employees from Stewart & Stevenson

• Key People:

• Mick Lay, Chairman (Board Member Since 1975)

• Stephen A. Hines, Vice Chairman (Board Member Since 1985)

• Judy Langford, Secretary (Board Member Since 1982)

• John L. (Jack) Patton, Assistant Secretary (Board Member Since 2019)

• Mark Heitker, Director (Board Member Since 2006)

• Matt Hayslip, Director (Board Member Since 2008)

• Robert “Bob” Sander, Treasurer (Board Member Since 1980)

• David Bacica, Director (Board Member Since 2008)

• Darla Baines, Director (Board Member Since 2008)

• Sammye Moore, Director (Board Member Since 1997)

• Audit Committee: Stephen J. Quezada (Committee Member Since 2019) and Rod Tejeda (Committee Member Since 2017)

• Headquarters: 3101 Harrisburg Blvd., Houston, Texas 77003

• Number of Employees: No information is available

• Revenue: No information is available

• Known For: Providing financial services to members who live and work in Harris and Brazoria Counties, originating as Stewart & Stevenson Credit Union. Over $150M in assets and several mergers enhancing member service and branch networks.

Products

Savings Accounts

• Savings Account:

• Low minimum opening requirement

• Competitively high dividends

• Youth Savings:

• Accounts for children to nurture dreams and create opportunities

• College Savings Account:

• No early withdrawal fees, funds accessible for student needs

• Christmas Club Savings:

• Designed to reduce last-minute stress for holiday spending

Checking Accounts

• Star Checking:

• $50 to open or $0 with Direct Deposit

• No Minimum Balance

• Free ATMs

• Free EMV Chip Card

• Free Online Banking

Loan Products

• Auto Loans:

• Terms ranging from 24 to 84 months

• Low rates starting from 4.99% APR

• Mortgage Refinance and Home Equity Loans:

• Competitive rates, low closing costs, primary residence focus

• Personal Loans:

• Term ranging 24-48 months

• Starting from 11.99% APR

• Instrument Loans:

• Variable rate at Prime +3%

• Home Equity Loans:

• Loans against homestead property

• Terms ranging from 5-15 years

Credit Cards

• VISA - Classic:

• 12.90% APR, No Annual Fee

• VISA - Platinum:

• 9.90% APR, No Annual Fee

Certificates of Deposit (CD) and Money Market Accounts

• Certificates of Deposit:

• Fixed-term investments with competitive returns

• Money Market Accounts:

• Higher interest rates compared to standard savings accounts

Individual Retirement Accounts (IRAs)

• Traditional IRA:

• Tax-deductible deposits

• Traditional IRA CD:

• Fixed terms ranging from 6 months to 5 years

• Roth IRA:

• Funded with after-tax money, tax-free withdrawals

• Roth IRA CD:

• Terms ranging from 6 months to 5 years

Investment & Wealth Management Services

• Investment Services:

• Assistance with market trends and wealth management

• Professional financial advising

Insurance

• Excess Share Insurance (ESI):

• Combined federal insurance by the NCUA and private insurance from ESI, covering deposits up to $500,000

Recent Developments

Recent Developments

• New Partnerships: Space City CU has been expanding its reach by engaging in mergers, allowing for more branches and enhanced member service.

• Insurance Coverage Enhancement: Recently, the credit union doubled its deposit insurance protection to $500,000 through a combination of NCUA and ESI coverage.

• Fraud Prevention Initiatives: Space City CU is focusing on fraud prevention, encouraging members to report suspicious activities, and providing guidelines to safeguard personal information.

• Product Updates:

• Various loan rate revisions as of September 1, 2024, to accommodate market conditions and member needs.

• Promotions such as the "Refer a Friend" campaign offering cash incentives for new member referrals.

Newly Launched Products

• Home Equity Loans: Enhanced options for members to utilize their home equity for major expenses.

• Protective Services: Financial Fitness partnership for free debt counseling and Balance Financial Fitness resources.

Organizational Changes

• Board Member Updates: Continuation of experienced leadership with new members joining the Audit Committee.

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This report synthesizes the latest available data to provide a comprehensive overview of Space City Credit Union’s current status, product offerings, and recent developments. No additional commentary is included.