Capital Federal Credit Union opens in Lubbock to serve underserved communities

LUBBOCK, Texas (KCBD) – Capital Federal Credit Union’s grand opening is scheduled for 3 p.m. today at 4210 50th Street. The vision is to serve the underserved communities of Lubbock.

Royce and Linda Lewis, owners of Capital Mortgage Services, saw a problem with several of their employees. They wanted to pay their employees directly into their bank accounts. They said many of their more than 130 employees — many of whom are Hispanic — don’t have bank accounts.

“A lot of them were afraid of the banks – afraid of the establishment institutions. Some had previously struggled with the fees and worried that they wouldn’t be able to keep enough money in the account to avoid receiving a substantial service charge,” said Royce Lewis.

Lewis, who started the business with his wife Linda in Lubbock in 1986 after a career in banking, knew it meant many of his employees had no way to save money, get loans and other benefits of working with a financial institution. .

So the Lewises and a few others started a credit union.

“The Capital Federal Credit Union organizers had a vision to provide much-needed financial services to people of color and underserved communities in Texas,” said Todd M. Harper, chairman of the National Credit Union Administration, which created the new credit union.

“Providing greater access to fair and affordable financial products and services gives members a better foundation to build long-term financial security for themselves, their families and their communities,” said Harper.

Credit unions create membership fields.

Capital Federal Credit Union’s primary membership fields are employees of Capital Mortgage Services, the League of United Latin American Citizens (LULAC) – Lubbock Texas Council #263, and the Lubbock Boys and Girls Club.

“My reason for getting involved was so that our organization could afford mortgages, personal checks, savings accounts, auto financing,” said Sam Gonzales, LULAC Council President.

The credit union also wants to offer personal loans, online banking, mobile banking and debit cards, said Mike Hensley, president and CEO of Capital Federal Credit Union.

“Our members won’t have to go through all the steps they might have to go through at another financial institution,” said Hensley, who has had a long career in banking.

Capital Federal Credit Union was the third approved credit union in the country in 2021 when it was incorporated in October.

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