Member Give-back: Another reason Redstone is Credit Union of the Year


(June 26, 2018) Shalonda Haygood can list several ways in which Redstone Federal Credit Union has made her life brighter. The help creating a budget. The cars she financed. The scholarships she earned.

“Redstone helped me complete my education debt free and provided financial education when I needed it most. I’ve had a good experience every time I’ve needed them,” Haygood said.

Redstone’s 26-year-old scholarship program is just one of the reasons it was named Credit Union of the Year by NAFCU – the national association for federally insured credit unions.

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.

The credit union awarded 14 scholarships for the 2018-19 school year. Each student received $4,650 for a total contribution of $65,100.

Redstone has committed to giving its members back at least 40 percent of the credit union’s total net income.

“Our board of directors have set a strategic objective to give back at least 40 percent of our net income to our members,’’ said Joseph Newberry, Redstone’s president and CEO. “This does not include dividends. I don’t know of any other financial institution that does that. It speaks to the true value of your cooperative,’’ he said.

Redstone returned $33 million in ‘give-backs’ to its members in 2017. That amount included dividends, credit card rebates, reduced mortgage fees, low auto rate savings and debit card cashback.

About Redstone:

With more than $4.5 billion in assets, Redstone Federal Credit Union is the largest member-owned financial institution in Alabama and one of the largest federal credit unions in the nation by assets. Based in Huntsville, Alabama, Redstone Federal Credit Union serves more than 410,000 members. Chartered on November 28, 1951, Redstone Federal Credit Union has proudly served its members for 65 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.