Credit Union 1 Shows Strong Growth During Difficult Times
Anchorage, AK – April 2, 2010 – Credit Union 1 recently released its annual financial report, which shows despite the general economic slowdown, the credit union grew in almost all areas, including membership, lending, assets, and deposits during 2009.
At the start of 2009, Credit Union 1 set a $140 million loan goal. By year-end, the credit union had lent $157.2 million to its membership. In addition, the credit union’s net income increased 27% over 2008.
Credit Union 1’s lending department is regularly scrutinized by internal and external auditors as well as state and federal examiners. None found any weaknesses in the credit union’s underwriting policies. While many institutions experienced lending crises and economic instability in 2009, the credit union’s loan performance and portfolio is a testament to sound underwriting and collection practices.Annually, federal regulators evaluate the financial strength of all credit unions and establish strict benchmarks to represent safe and sound organizations. To achieve the highest benchmark, a credit union must have a capital-to-asset ratio of 7% or higher. Credit Union 1’s ratio is 9.43%. The higher the ratio, the safer and stronger the credit union is. Credit Union 1 is substantially above the national financial threshold.
Posted: April 5, 2010