Management 303 SWOT Analysis on USAA Savings Bank
Section I- Organizational History
USAA Savings Bank has been around for a long time believe it or not. In 1922 USAA was originally founded in San Antonio, Texas when 25 Army officers decided to come together and insure each other’s automobiles. William Garrison was USAA’s first elected president. Shortly after that USAA’s first employee was Harold Dunton, who was hired as a general manager. Major Walter Moore purchased the first automobile insurance policy for $114.74 and became USAA’s first member. Two years later in 1924 USAA printed their first credo. The company motto was “Service to the Services.” 1928 was the year that USAA started advertising 8,000 active component service members among 38,000 possible. In 1929 things started turning for the worse, as the stock market crashed and the Great Depression followed shortly after. By the end of the 1920’s USAA earned a net profit of $144,000 before dividends. From 1930’s on up USAA has been incredibly successful. 1931-1940 USAA’s employee population grows even through the Great Depression. Employee numbers sky rocketed and doubled, from 46 to 99. The company’s membership doubles from 15,000 to 30,000, despite the ongoing tough economic times. 1932 the first Annual Report to its members was established and published. A year later USAA exceeds minimum reserve holdings mandated by the Texas Board of Insurance Commissioners and returns $230,000 to members. In 1934 Stuart Gwyn is the first woman to join USAA’s management team. USAA graduated to having 60% of all eligible U.S. military officers become members in 1936 while also being able to end the decade with a net profit of $643,000 before dividends. Section II- Strengths and Weaknesses
Some of USAA’s many strengths come in numbers. USAA ranks 62nd in net worth among Fortune 500 companies and 144th for revenue, the company has proven to be a very financially strong organization. Our net worth owned and managed...
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