Brazos Star Credit Union

Brazos Star Credit Union is a nonprofit financial cooperative serving multiple counties in Texas, including Brazos, Grimes, Madison, Leon, Robertson, Burleson, and Washington. It operates under the principle of "people helping people," providing financial services to its members without the goal of maximizing profits.

History

Brazos Star Credit Union was founded in 1961, marking a long-standing commitment to serving the local community. As of 2024, it has been in operation for over 60 years.

Membership and Benefits

Membership in Brazos Star Credit Union is open to individuals who live, work, attend school, or worship in the specified counties. The minimum initial deposit to secure membership is $25, with no membership fee. As a cooperative, each member has equal ownership and one vote, regardless of their deposited amount. Members benefit from lower interest rates on loans, higher yields on savings, and access to various financial products and services typically found in larger banking institutions.

Financial Performance

As of December 31, 2023, Brazos Star Credit Union reported assets totaling approximately $33.8 million, with a loan portfolio of about $13.3 million. The credit union maintained a strong net worth ratio of 13.63%, exceeding both the Texas and national averages for credit unions. It achieved net income of $391,218 and retained earnings of $4,333,446. Brazos Star remains "well-capitalized" according to NCUA standards.

Governance

The credit union is governed by a volunteer Board of Directors, consisting of seven members elected by the general membership. Board members serve three-year terms and play a crucial role in setting policies, approving budgets, and directing strategic planning. They also oversee the appointment of the credit union's President/CEO.

Products and Services

Brazos Star Credit Union offers a range of financial products, including checking and savings accounts, time deposits, loans, and mortgages. Its checking accounts feature free online banking and bill pay, with interest earned on balances over $1,500. Additional services include overdraft protection through a Courtesy Pay Program and automatic transfers for overdraft prevention.

Recognition and Status

Brazos Star Credit Union has received a 5-Star Superior Rating from Bauer Financial for over 35 years, indicating its strong financial health and stability. It is also accredited by the Better Business Bureau (BBB) with an A+ rating.

Community Involvement

Brazos Star Credit Union engages in community partnerships, such as its collaboration with LJ Adventures to offer exclusive travel discounts to its members. These initiatives demonstrate its commitment to enhancing the lives of its members and supporting local businesses.

Overall, Brazos Star Credit Union is a stable financial institution dedicated to the financial well-being of its members, providing quality services without sacrificing community focus.

[1] https://www.brazosstarcu.com/wp-content/uploads/2024/04/2023-Annual-Report-and-Financials-1.pdf [2] https://www.brazosstarcu.com/about-us/membership/ [3] https://www.bbb.org/us/tx/college-station/profile/credit-union/brazos-star-credit-union-0825-7001794 [4] https://www.brazosstarcu.com/about-us/board-of-directors/ [5] https://www.brazosstarcu.com/checking/checking-accounts/