I finally joined a credit union: Delta Community Credit Union
Last week, I attended the grand opening of a new, full-service branch of Delta Community Credit Union (DCCU), Georgia’s largest credit union with more than 183,000 members and almost $3.0 billion in assets. The grand opening of its Duluth location is the credit union’s 18th branch in the metro-Atlanta area.
I was invited to attend the ribbon-cutting ceremony and accepted with great enthusiasm, especially since DCCU is my new credit union as of last week. I was thoroughly impressed with the event, which showcased a beautifully designed, state-of-the-art facility complete with a cozy training room for financial education. I was even more impressed with the company’s mantra, which stresses “always doing the right thing”. Still more extraordinary was the fact that the dedication ceremony started off with a solemn prayer. I suppose we wouldn’t be in such an economic maelstrom if everyone were a member of a credit union.
As I met the president and chief executive officer, the senior vice president of marketing, the executive vice president and chief operating officer among others, I received the same compliment: we enjoy your blog. Because I am still new to the blogosphere and I haven’t been able to really appreciate the impressive caliber and large number of my readers, I was humbled and honored.
Before the grand-opening, I had the opportunity to ask Todd Marksberry, Executive Vice President and Chief Operating Officer, a couple of questions.
How is Delta Community faring in this economy?
“Delta Community recorded outstanding results in 2008. Our balance sheet grew to $2.9 billion. Membership growth was the primary driver behind our performance. We attracted 11,000 new members in 2008 and now serve more than 183,000 individuals. Deposits rose 14%, while our loan portfolio grew by 17%. We finished the year with a net worth of 14.71%--well above the average of other financial institutions and far beyond regulatory requirements. We think these large capital reserves are especially prudent in the current economic environment.
We expect 2009 to be a very challenging year and we don’t anticipate the same results we saw in 2008. We are fortunate to be invested in high-quality loans to credit-worthy borrowers. But, we have noticed an uptick in our loan delinquencies as some of our members contend with unexpected layoffs or job losses. Demand for new loans has also declined as consumers have grown more cautious in their spending.
Still, we remain optimistic about our ability to manage these pressures. Our focus will be to continue to meet the needs of members and build our physical presence in communities throughout Atlanta.”
How is Delta Community different from its competitors?
“Delta Community Credit Union is a smart alternative to a bank. We’ve been around for 70 years, we’re one of the largest financial institutions in Georgia, and we can serve the financial needs of consumers in all of metro Atlanta. We choose to operate as a not-for-profit credit union so we can give back earnings to our customers and their local communities. Unlike a for-profit bank, Delta Community is owned by its customers, not individual or institutional investors. Customers become member-owners when they open and maintain an account.”
About Delta Community Credit Union:
Delta Community Credit Union, one of the largest financial institutions in Georgia, was founded in 1940. Today it serves metro Atlanta, including residents of local counties along with individuals, families and employees of organizations such as Delta Air Lines, Chick-fil-A, Yamaha Motor Manufacturing and Racetrac. Delta Community is a state-chartered credit union organized under the Georgia Department of Banking and Finance, and its deposit accounts are federally insured through the National Credit Union Share Insurance Fund. It chooses to operate as a not-for profit credit union so it can give back earnings to its customers and their local communities. Unlike a for-profit bank, Delta Community is owned by its customers, not individual or institutional investors. Customers become member-owners when they open and maintain an account.
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
I am proud to say that this blog's unyielding demand for change led to an important 
No. I am not in the picture. I do not know who that is.
Posted by: Kevin D. Johnson | March 27, 2009 at 07:01 AM
Is that you, standing in front of the balloons?
Posted by: Kumar | March 26, 2009 at 10:35 PM
Great, Kevin. I am glad to know that you are taking the right action to give it to these companies. We all need to join a credit union!
Posted by: Heidi | March 25, 2009 at 08:00 AM