Discussions Highlight Increased Member Business Lending
ALEXANDRIA, Va. (July 1, 2011) – National Credit Union Administration Board Member Michael E. Fryzel visited United Federal Credit Union in Saint Joseph, Mich., this week where he met with the credit union’s CEO, Gary Easterling, several Board Members and key staff to discuss current industry happenings and provide NCUA perspectives.
In addition to meeting with key staff, Mr. Fryzel had the opportunity to tour the surrounding community where he saw firsthand how the credit union has aided in helping St. Joseph grow and expand its infrastructure through its Member Business Loan program.
“Despite the poor economic conditions in Michigan, UFCU has seen positive growth in shares, loans, and membership for four years running,” said Fryzel. “I’m particularly pleased to see their active promotion and success with business lending, which diversifies their portfolio, and their outreach within their community. Credit unions, through their member-owned philosophy, serve an important role in the financial strength of communities everywhere. UFCU has not shied away from such responsibility to its members by participation in community events and organizations, scholarship programs and a profound interest in the business community.”
UFCU’s business loans have grown from $12.3 million in 2007 to $50.1 million last quarter.
“UFCU joins other Michigan credit unions diligently helping move from recession to recovery. Together, they have surpassed the national average in consumer penetration and savings growth, an impressive feat in today’s rough economy,” he said.
Well-capitalized, UFCU is the second largest federal credit union in Michigan. It was originally chartered to serve employees of the Whirlpool Corporation in Michigan, Kentucky, Ohio, and Tennessee, expanding their membership over the years. Today, the credit union serves more than 104,000 members and holds more than $1.2 billion in assets.
Joining Fryzel and Easterling in the discussions were: Greg Vaughn, chief operating officer (COO) of Cornerstone Alliance (CA), Steve Downs, UFCU director of business services, Bob Jones, CA resource development coordinator, J.B. Hoyt, UFCU Board Chairman, Duane Nelson, UFCU COO, Mark Weber, UFCU Vice President national sales and service, Mike Griffin, UFCU business services manager, Mike Hildebrand, Vice Chairman, Jim Rothfuchs, Treasurer, Roger Kluge, Director, Cindy Swigert, chief human resources officer, Tim Gray, VP, Finance, and Scott McFarland, CEO, Honor Credit Union.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.