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EIN 74-1200165

Velocity Credit Union

IRS 501(c) type
501(c)(14)
Num. employees
267
City
Austin
State
Texas
Year formed
1947
Most recent tax filings
2022-12-01
NTEE code, primary
W60: Financial Institutions, Credit Unions
Description
Velocity Credit Union is a full-service financial institution that provides our community unique value through a personalized local banking alternative.
Related structure
Velocity Credit Union is child organization, under the parent exemption from Credit Union Department of Texas.
Total revenues
$46,253,683
2022
Total expenses
$40,766,636
2022
Total assets
$1,044,010,333
2022
Num. employees
267
2022

Program areas at Velocity Credit Union

Velocity Credit Union provides loans to members at lower interest rates, accepts deposits, and pays higher dividend rates.2022: 1) 32,869 loans to members and member businesses for a total of $581mm 2) originated 7,835 loans in 2022 with a balance of $278mm, and 3) serviced 83,093 members with deposits of $916mm.

Personnel at Velocity Credit Union

NameTitleCompensation
Debbie MitchellPresident and Chief Executive Officer$925,375
Jack JordanExecutive Vice President and Chief Operating Officer$423,373
Lisa BackExecutive Vice President and Chief Financial Officer$348,935
Daniel PenbergChief Information Officer$233,602
Barbara Carol CainSenior Vice - President Marketing$201,812
...and 8 more key personnel

Financials for Velocity Credit Union

RevenuesFYE 12/2022
Total grants, contributions, etc.$0
Program services$38,914,971
Investment income and dividends$6,138,500
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$-894,043
Net gain from sale of non-inventory assets$561,030
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$1,533,225
Total revenues$46,253,683

Form 990s for Velocity Credit Union

Fiscal year endingDate received by IRSFormPDF link
2022-122023-05-01990View PDF
2021-122022-04-29990View PDF
2020-122021-05-13990View PDF
2019-122020-12-11990View PDF
2018-122019-09-14990View PDF
...and 9 more Form 990s

Organizations like Velocity Credit Union

OrganizationLocationRevenue
Credit Union of TexasAllen, TX$136,553,125
Educators Credit Union (ECU)Waco, TX$14,604,226
Fivepoint Credit UnionNederland, TX$49,433,751
CoastLife Credit UnionCorpus Christi, TX$23,047,485
Resource One Credit UnionDallas, TX$45,978,560
Fort Worth Community Credit UnionBedford, TX$51,151,395
Union Square Credit UnionWichita Falls, TX$34,027,572
Texoma Community Credit Union (TCCU)Wichita Falls, TX$16,333,220
Alliance Credit UnionLubbock, TX$32,897,518
Amplify Credit UnionAustin, TX$86,404,873
Data update history
July 14, 2023
Used new vendors
Identified 1 new vendor, including
July 8, 2023
Posted financials
Added Form 990 for fiscal year 2022
June 30, 2023
Updated personnel
Identified 4 new personnel
May 19, 2023
Updated personnel
Identified 4 new personnel
May 12, 2023
Used new vendors
Identified 2 new vendors, including , and
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
MembershipsProvides scholarships
General information
Address
Post Office Box 1089
Austin, TX 78767
Metro area
Austin-Round Rock-Georgetown, TX
County
Travis County, TX
Website URL
velocitycu.com/ 
Phone
(512) 469-7000
Facebook page
velocitycu 
Twitter profile
@velocityaustin 
IRS details
EIN
74-1200165
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1947
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
W60: Financial Institutions, Credit Unions
NAICS code, primary
522130: Credit Unions
Parent/child status
Child within group exemption
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