New CU Struggles but Makes Money During Economic Downturn
Just over one year after opening its doors, the $3 million Mid East Tennessee Credit Union reports that it is not only surviving, it's thriving.
The three largest employers in the mostly rural, relatively sparsely populated Miegs County got together to charter and found the credit union in 2007 but it took until March 23, 2009 to actually open the doors, in the teeth of the worst economic recession the country had ever seen.
Miegs County had never been all that prosperous so it didn't have too far to drop when the economy declined, Jim Pitt, chairman of the CU's board and CEO of one of the firms, Polyform Plastics, explained.
The CU finished last year having made over $5,500 for the year and having achieved a return on assets of 0.48%, according to NCUA's records, and it has only grown since there.Pitt reported that the CU closed the first quarter with $3 million in assets and 600 members.