Alamo Federal Credit Union Announces Organizational Restructuring

    SAN ANTONIO, TX, August 03, 2011 /24-7PressRelease/ -- Alamo Federal Credit Union (AFCU) announced Monday that it is undertaking a comprehensive series of operational initiatives to restructure in order to enhance sustainability, profitability and member service levels. The changes are starting at the top as AFCU has recently parted ways with its CEO over the past decade, Alfred Carreon, Jr. The credit union is close to completing an international executive search to find Mr. Carreon's replacement. In the absence of a CEO, the Board of Directors has formed a four-member Executive Committee designated to direct and oversee daily operations. They have also engaged Continewity LLC, a consulting firm headquartered in Dallas, to help lead them through this major organizational turnaround and restore profitability.

The restructuring will impact AFCU's workforce and possibly the location of its five branches, which are currently located on the West, South and Northeast sides of town along with downtown and a Lanier High School facility. AFCU is also making major technology investments to reach more members who turn to internet and mobile banking more often than visiting a branch location. John Searson, AFCU Treasurer, notes "our objective is to be available whenever and wherever our members need us."

While national headlines persistently reveal that Americans are reluctant to borrow, AFCU's Board of Directors believes that it has both the capital and the right balance of products and services to meet the diverse lending needs of both business and individual members. Chairman of the Board of Directors, Retired Army Sergeant Major Robert D. Sanchez says, "although our membership base has been loyal over the years, as we have evolved from a postal credit union towards a mission of serving the "under-served" we have to get much better at providing for their lending needs today and tomorrow. With or without the recent recession, the Board of Directors realizes the importance of building an organization that is consistent with our members-first values."

About Alamo Federal Credit Union
Alamo Federal Credit Union (AFCU) is a not-for-profit, member-owned financial institution established by twelve postal employees in 1930 as the first credit union in San Antonio and the twelfth in the State of Texas. The main office located at 6577 First Park Ten Blvd is a built-to-scale replica of "The Alamo" national landmark. Originally founded for the benefit of postal employees and their families, AFCU has expanded its membership eligibility to include all persons who live, work, worship, volunteer or attend school in the area bounded by Loop I-410 in San Antonio. AFCU has more than $40 million in assets and serves over 6,000 members. Learn more at www.alamofcu.org

About Continewity

Continewity LLC was founded in 2010 by a team of Wharton MBAs from diverse professional backgrounds who believed that breadth combined with depth offers clients the ideal mix of hands-on expertise and intelligent innovation. Their professionals have worked both with and as executives for various organizations of all sizes and industries located in over 30 countries around the world. The firm is currently opening offices in several markets around the United States and Latin America to expand its unique results-centered consulting style to its clients, including financial institutions, middle market corporations, minority & women-owned businesses (MWBE) and high growth ventures. Learn more about Continewity at www.continewity.com

Contacts:

Ahmad Abdul-Qadir, CPA
Assistant Management Official
+1 (210) 554-8770
[email protected]

# # #