To all 1,471 "Shareholders" of this Credit Union,
we greatly appreciate the last 6 year experience and your vote of
confidence. We've done a great job in building this institution
to $800,000.00 in assets with the help of all of you. Through the
course of the next several days, the NCUA will be returning your
deposits and liquidating any remaining assets through an orderly
process.
We have had several inspirational emails, calls, and multiple conference
calls encouraging us to continue to look for solutions within Kappa
for viable and economic offerings to benefit our families and we
encourage each of you to continue to forward your ideas to us.
As we embark on looking at options to retool a new financial platform
that will sustain these changing times, we will incorporate a broader
appeal of services for perspective members. Designing a model that
will immediately accelerate multiple revenue streams is a primary
option under review to achieve a more profitable financial model.
Of the several challenges that I personally saw that needed to be
improved, the major hurdle was the inability to increase our membership
to several more thousand Shareholders. Driving more entrepreneurial
and cross marketing opportunities for the field of membership was
always the goal. Conceptually, the Credit Union was investigating
several untapped business models such as a CDFI, BEA Partner, Registered
CCR Government contractor, and designation as a Low Income Credit
Union to accommodate a more successful platform at the time of the
liquidation.
In hind site and looking back over the past 8 years from the inception
of the Kappa Alpha Psi Federal Credit Union platform, but looking
forward, the experience and knowledge gained will serve us greatly
in our pursue of future financial endeavors to benefit the membership
of our grand Fraternity.
Again we thank all that participated in this effort and we are preparing
to write the next chapter.
Yours In The Bond,
Vic Russell
Chairman / President
|
