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CU System
Texas CEO profiled in banking publication
SAN ANTONIO (5/8/08)--David Reynolds, president/CEO of San Antonio-based Security Service FCU, was profiled in the San Antonio Business Journal Friday. The biggest obstacle facing the financial industry is the subprime mortgage lending market crisis, Reynolds told the newspaper. Everyone has been affected by subprime problems, whether they participated in the subprime loan market or not, so his credit union is focusing on helping members touched by the crisis, Reynolds said. “We will, therefore, indirectly have to deal with it, and we are, by … trying to help them, rather than just saying, ‘Well that’s your problem. Go figure it out,’” Reynolds said in the article. “We’re here to help counsel and do what we can to get them out of these problems because it doesn’t do us any good to succeed if the community is not succeeding.” A former credit union examiner, Reynolds was acquainted with a similar financial crisis in the late 1980s and early 1990s due to a bust in the commercial real estate, oil and gas markets in San Antonio and Texas, the journal said. The $4.376 billion asset Security Service was able weather those tough times by adhering to consistent and sound lending practices, Reynolds said. The credit union is focused on growth and has been reaching out to military personnel, Reynolds told the journal. The Texas Credit Union League said a credit union profile in the publication was unusual. “Generally, business journals--weekly newspapers that focus on business stories in major metropolitan areas--are on the fences about credit unions,” Winter Prosapio, advocacy communications director for the Texas Credit Union League, told News Now. “As a general policy they don’t write about not-for-profits, and usually they give considerable space to area banks. “So when a credit union lands not only a story but a full-fledged feature, it’s an accomplishment,” she concluded.
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