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What’s old is becoming new again at the Farmers Branch Federal Credit Union (FBFCU).
That’s because after almost 50 years as the Farmers Branch City Employees Federal Credit Union and several ups and downs, including a rebranding, the board of directors decided it was time to branch out and to start marketing the credit union to everyone who lives and works in the city.
Things changed at the City of Farmers Branch over the years, and the credit union isn’t marketed to new city employees anymore.
Instead, everyone who works within the city limits, residents and those who live within 10 miles of the credit union can join.
Tim Webb, president and chairman of the FBFCU board of directors, and Fabian Thomas, general manager, hope letting people know about the change will bring growth.
“It’s just a matter of marketing,” Thomas said, who has managed the credit union for five years.
When asked about the credit union’s hidden location on Bee Street, north of Victoria Restaurant, he smiled and said he hoped FBFCU would grow large enough for a new building.
Even Mayor Terry Lynne said at the ribbon cutting on Thursday, May 23, that he hadn’t been aware of the credit union’s location.
“We want to make sure that every business that’s here stays here,” he said. “Thank you for investing in Farmers Branch.”
When Webb started working at the city in the parks and recreation department in March 2004, he said was asked multiple times on his first day if he’d opened his account yet.
By the time the day ended, he opened his account with $26 and put in a little bit every paycheck.
“The word of mouth was huge,” he said.
Information about the credit union was part of the new employee orientation.
It didn’t take long after he joined before he asked Manager Betty Campbell how to become more involved and joined the nominating committee for the board of directors and the credit committee, which is a group of three people who approve or deny every loan.
It hasn’t always been easy, he said.
In 2013, the board discussed closing the credit union and combining with another.
Membership voted down that proposal at the annual meeting.
Webb said there was pride in keeping the credit union going despite the difficulties, and that’s when he got very involved with the board of directors. Since then, he’s been secretary and treasurer as well as president of the board.
“There was a reason they started this,” he said. “Let’s not lose our tradition and what they started.”
Webb worked his way through the ranks at city hall, becoming a human resources coordinator in 2016, senior human resources coordinator in 2017, and human resources information services and payroll administrator in 2020, a position he kept until he left the city 2022.
During the pandemic, he and the board of directors realized they weren’t receiving as much support at the city and rebranded to remove “City Employees” from the credit union’s name.
“Once I left, there was no mouthpiece at city hall anymore,” he said.
Since then, they’ve had a new logo created, but haven’t really marketed to the community. The website still says, “Farmers Branch City Employees Federal Credit Union” and has the old logo.
“We haven’t helped ourselves with advertising,” he said. “One huge step is joining the Metrocrest Chamber of Commerce.”
The credit union holds assets of about $5 million. Webb would like that number to double and to gain more than 1,000 members. He said Campbell had a goal of 1,000 members, but the highest he’s ever seen membership is 945.
Credit unions function much like banks but are member-based, cooperative non-profit organizations. The board of directors, including Webb, and committee members are all volunteers. Annual meetings allow members a say in how the credit union is run.
Credit unions are overseen by the National Credit Union Administration, with similar deposit protections to what the Federal Deposit Insurance Company (FDIC) provides banks.
Webb said FBFCU offers 90 percent of what big banks offer but with personalized service.
He’s seen the staff move quickly to help customers get loans in extremely short amounts of time.
“When it’s dire straits, we can make things happen for you,” he said.
One drawback of the small size of FBFCU is that they cannot offer checking accounts. Instead, they offer prepaid, third-party debit cards through Innovative Card Services that can be connected to outside banks so wireless or online banking doesn’t incur a fee.
In addition to savings accounts and loans, they offer bill pay and direct deposit, which Webb said he thinks could be a big benefit to a small business.
“I’ve heard no complaints outside of it not being a true debit card because you have to load it,” he said.
Once the credit union reaches $10 million capacity, he thinks they will have the ability to offer checking accounts.
Norm Reynolds, who worked as a risk manager for the City of Farmers Branch from 1976 to 2006, remembered when the credit union was relatively new.
“The employees needed an avenue to get some loans, because, honestly, they weren’t making a lot of money,” he said.
The credit union helped members get loans at low interest rates.
He thinks the rebranding will be great for the organization.
“We have a whole new field of membership we would like to tap,” he said.
