Redstone Federal is a 2018 Torch Award Winner


(November 9, 2018) Redstone Federal Credit Union® was honored to receive the Better Business Bureau of North Alabama’s Torch Award for Marketplace Ethics.

Redstone and other local companies and non-profit organizations were nominated for the Torch Award and were then given the opportunity to submit information regarding their ethical relationships with customers, employees and vendors. A panel comprised of representatives from academic and business entities judged the entries.

Joe Newberry, president and CEO of Redstone, thanked the Better Business Bureau for the honor. “It means so much when our community recognizes us as an ethical organization because that is how we choose to operate in our professional and personal lives,’’ Newberry said after the awards luncheon.

The annual Torch Awards celebration also included its 17th Annual Torch Scholarships Awards. Eight high school students from throughout North Alabama were each awarded a $1,000 college scholarship.

The BBB awarded the 2018 Torch Award for Marketplace Ethics to: Moss Service Funeral Home in the Small Business Category (1-25 employees); Durante Home Exteriors in the Mid-Size Company Category (26-99 employees); Redstone Federal Credit Union in the Large Business Category (100+ employees); nLogic,LLC in the Government Contractor Category and Still Serving Veterans in the Non-Profit Category.

Redstone was named Credit Union of the Year in 2018 by the National Association of Federally-Insured Credit Unions (NAFCU). Redstone won in the category for credit unions over $250 million in assets.

Redstone was recognized by NAFCU for its successes in the areas of: community give-back efforts; serving underbanked or low-to-modest income members; providing financial education to youth; and devising and implementing a cultural transformation process to better serve its members.

In addition to receiving the Credit Union of the Year award, Redstone also won two Business Transformation & Operational Excellence Awards.

Redstone received the Best Achievement of Operational Excellence in Banking, Capital Markets & Insurance, as well as the highest honor in the award program, the Platinum Award for Best Achievement in Organizational Operational Excellence.

In October 2017, Money® Magazine named Redstone the ‘best bank’ in Alabama.

Redstone’s growth is another testament to Joe Newberry’s leadership. When he was named president and CEO in 2007, Redstone had $2 billion in assets, 19 branches and 729 employees. By November 2018, it was a $4.7 billion credit union with 26 branches in operation and two under construction. Its employees have increased to 997.

Redstone has also opened three school branches, with plans for more under way.

About Redstone Federal Credit Union

With more than $4.7 billion in assets, Redstone Federal Credit Union is the largest member-owned financial institution in Alabama and one of the 16 largest federal credit unions in the nation by assets. Based in Huntsville, Alabama, Redstone Federal Credit Union serves 419,000 members. Chartered on November 28, 1951, Redstone Federal Credit Union has proudly served its members in the Tennessee Valley area for 67 years and has 26 conveniently located branches across North Alabama and Tennessee. Redstone Federal Credit Union provides a level of service that is not generally available at other financial institutions through its philosophy of - People Helping People.