American Eagle's Member Biz Loans Fuels Growth
EAST HARTFORD, Conn. -- Small businesses have helped to contribute to $1 billion American Eagle Federal Credit Union's strong mid-year financial performance, the financial institution said today.
"The addition of member business loans has contributed to our strong bottom line. Small businesses in Hartford, Middlesex, and Tolland counties are benefiting from our new suite of business services including checking, merchant services, and loans," said William Dokas, president/CEO of American Eagle.
Loan balances were up $25.3 million year-to-date from growth in mortgages, home equity lines of credit, Visa cards and business loans, the credit union reported. Reserves increased $4.82 million year-to-date to $105.9 million or 10.03% of assets, American Eagle said. Deposit balances have increased $61.4 million over the past twelve months.
"Our strong reserve position has helped us and our members avoid the financial challenges that some consumers and institutions have faced," said A. Lisa Burgarella, chairwoman of American Eagle's board of directors.
The credit union serves 96,000 members.