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WEOKIE CU Reaches $1 Billion in Assets
Wednesday, September 17, 2014 6:30 AM


WEOKIE CU has reached a milestone - $1 billion in assets. E. Brent Taylor, CPA, president and CEO of Oklahoma City, Okla. based credit union says solid support from the credit union’s membership has fueled its growth.

WEOKIE was formed by a group of Western Electric of Oklahoma employees in 1969. The first membership drive during December 1969 brought in 1,786 members. Marvin Cottom was hired in 1969 as the first president and CEO of credit union, and he held this position for 37 years until he retired in April 2007.

By 1972, WEOKIE CU had 6,258 members and $5.2 million in assets. Today, WEOKIE CU serves more than 55,000 members.

WEOKIE CU began offering certificate accounts to its members in 1970, and five years later, share draft accounts were introduced. Home improvement loans were first offered in 1977, with full real estate mortgage lending becoming available to members in 1979. In 1985, the credit union introduced its first ATM machine. Overdraft protection was first offered for checking accounts in 1989. And in 1992, the credit union launched its call center, which offers comprehensive account servicing to members via telephone.

The year 1995 was a big year for the now $1-billion in assets credit union, with the introduction of debit cards, online banking, and WEOKIE’s first website.

The credit union was granted a community charter in 2000, and 12 years later, WEOKIE CU rolled out its full mobile banking portfolio, including remote deposit.

When it comes to lending, Taylor says the credit union maintains a balanced approach.

“We have nearly equal amounts of consumer loans and mortgage loans currently on the balance sheet, along with a healthy member business lending portfolio,” notes Taylor. “With a mix of new and updated facilities, along with mobile and online access points, we continue to enhance member service.”

Going forward, Taylor says the WEOKIE CU team will continue to focus on its purpose, “saving members money and making a difference in their financial lives.”

The credit union recently hosted a WEOKIE-exclusive day for its members at a local amusement park to celebrate the milestone with more than 6,000 in attendance.  Additionally, the credit union will celebrate with its dedicated team of volunteers and employees Oct. 13, with special presentations by Mike Kloiber, president and CEO of Tinker FCU; Dick Ensweiler, CEO of Cornerstone Credit Union League, and the Lt. Governor of Oklahoma, Todd Lamb.