[Congressional Record (Bound Edition), Volume 149 (2003), Part 6]
[Extensions of Remarks]
[Pages 8052-8053]
[From the U.S. Government Publishing Office, www.gpo.gov]




  HONORING GENCO FEDERAL CREDIT UNION'S FIFTY YEARS OF SERVICE TO THE 
                        PEOPLE OF CENTRAL TEXAS

                                 ______
                                 

                           HON. CHET EDWARDS

                                of texas

                    in the house of representatives

                         Tuesday, April 1, 2003

  Mr. EDWARDS. Mr. Speaker, in April 1953, a half century ago, the 
GENCO Federal Credit Union was created by a group of employees of the 
General Tire and Rubber Company plant in Waco, Texas to meet the 
financial needs of their fellow employees.
  A credit union is ``Democracy in Action''; a not-for-profit financial 
cooperative organized by people who share a common bond. All the 
members pool their assets to provide funds for loans to those in need 
within the membership. The members own the credit union, electing 
directors from among the membership. Credit Unions are regulated either 
by Federal or State law, depending upon the source from which the group 
receives its charter. The principal function of credit unions is to 
encourage savings and thrift and provide consumers credit at favorable 
interest rates. GENCO FCU is federally chartered and regulated by the 
National Credit Union Administration (NCUA).
  In 1985, General Tire and Rubber Company's Waco plant shut down. But 
GENCO has continued to thrive and prosper. The board enlarged the 
credit union's field of membership to include employees of Musician's 
Association Local No. 306, Veterans of Foreign Wars, Waco Post No. 
2148, AmVets Post No. 35, American Income Life Insurance Company, 
Mercury Tool, Hornet Manufacturing, Walker's Paint & Repair and 
Lockridge Priest.
  In 1992, GENCO opened yet another chapter of its life when it 
purchased Lufkin Regional Federal Credit Union. Operating under a 
community charter, the organization is now able to serve anyone who 
lives or works in McLennan County in Central Texas or Angelina County 
in East Texas.
  For five decades, the theme of loyalty has run consistently 
throughout GENCO's work, along with adherence to the principles of 
encouraging savings and thrift and providing working men and women 
credit at favorable interest rates. That fifty years of service and 
commitment to its community make the celebration of GENCO Federal 
Credit Union's 50th anniversary all the more special.
  Mr. Speaker, I ask my colleagues in the House of Representatives to 
join me in honoring and celebrating GENCO Federal Credit Union's 50 
years of service to the people of Central Texas.

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