A marketing plan and a strong product line helped Erie Federal Credit Union to experience a 32% increase in business loans in 2008 and earn one of CUNA Mutual Group's Excellence in Lending awards.
The company recognized five credit unions for their lending prowess during a ceremony this week at the CUNA Lending Council Conference in San Diego. The $286 million Erie FCU in Erie, Pa. increased its average loan balance and saw a jump in loan to share ratio from 55% to 64% through a marketing campaign that drove hundreds of potential members to the cooperative's Web site.
CUNA Mutual also recognized the following for their lending efforts in 2008:
- New Orleans Firemen's Credit Union, Metairie, La.-consumer lending in the assets less than $250 million category
- Rogue Federal Credit Union, Medford, Ore.-consumer lending, assets more than $250 million
- Mayo Employees Federal Credit Union, Rochester, Minn.-mortgage lending, assets more than $250 million
- St. Louis Community Credit Union, St. Louis, Mo.-low to modest means
