The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

All For One; One For All

On March 23rd, 2009, posted in: Uncategorized by 3 Comments

At our Annual Meeting on March 19, we celebrated 66 years of serving our members. We opened our doors in 1942 – October to be exact. Our birthday celebration is always a bit belated, but that doesn’t diminish the significance of our humble beginnings. Back then, a handful of members came together to insure that their fellow employees in the school district had a source for loans should they need to borrow. As a result of that insightfulness, thousands of people over the years have had a little better go of it.

To this very day, lending money remains one of the major charges of St. Louis Community Credit Union. In the spirit of the cooperative credit union movement, we take member deposits and return it to our creditworthy members in the form of loans. We would rather make a good loan than any other type of investment. Currently, we have over $86 million in loans to our members, but more opportunities exist. Many members use other sources for their loans. We sure wish those loans were with us.

A member loan has always been our best investment. Why? A loan has a better net yield resultant in more return to all members. “Return” is a synonymous word with lower rates on loans to everyone, higher deposit rates, lower fees, more locations, etc. You get the idea…the more members that choose the credit union for their loan, the better off we all are. That’s the way co-ops work…“an all for one, one for all concept.”

There is no credit crisis at SLCCU. We continue to make loans every day. Others may have shut off the spigot on loans due to being inflicted by mortgage losses, but not us. Just as they did in 1942, loans remain a key component to serving our members. We remain committed to you and your family by increasing your standard of living and bettering your lifestyle. If a loan sounds like it may help you do that, give us a call first. We’d love to take a look and see if we can help.


3 Responses to “All For One; One For All”

  • Warnetta says:

    Good evening Mr Adams,My 72 year old husband and myself (61) found the need to file chapter 7 Bankruptcy in January 2008. Prior to the filing, we both had impeccable credit and took pride always paying on time. We found ourselves using credit cards for survival after I had to close our business and I had to stop working to care for him. We have a substantial income from his SS and Pepsi Pension with the only bills being health auto insurance. I also realize that the checks cannot be attached but we are responsible older adults that fell on hard times temporarily.I find it a shame to be refused a car loan based on the bankruptcy. Our filing does not mean that we did not or will not pay our bills or that we were irresponsible.It only meant that at some time it became necessary to file for survival.

  • Patrick Alexander says:

    Warnetta, I sympathize with your health and financial troubles. It is unfortunate that you had to declare bankruptcy. Bankruptcy is there as a final resort because of the great harm it does to your credit reputation and because of the harm it does to your creditors, who are left with no recourse after you file. After someone has declared bankruptcy any financial institution can not responsibly extend credit to them. This isn’t personal, unfountunately this is just how bankruptcy works. I’ve been a member of STLCCU for years and I’m glad they wouldn’t approve such a high-risk loan using my and fellow-members’ savings.

  • Lavonda Bell says:

    Mr. AlexanderMy name is Lavonda Bell and like yourself I to am a baby boomer. I have Beem with the credit union for a number of year. I have tried to apply to apply for small loans for a used car and I know that the bill would be paid on time because I get direct deposit for my disability. I don’t have rent to pay or any other big bills. But I am trying to payoff the small bills that I do have. But I was turned down. Why?

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