Fort Knox CU Reaches Billion-Dollar Mark
After posting near-record asset growth in three of the last four years, Fort Knox Federal Credit Union, Radcliff, Ky., is now the largest Kentucky-based CU with more than $1 billion in assets, the credit union announced last week.
Bill Rissel, Fort Knox Federal president/CEO, said, “We’ve achieved not only asset growth but very strong returns on those assets. Today, Fort Knox Federal is stronger than ever financially as well as the largest Kentucky-based credit union. This benefits our members by providing them a completely safe and secure place to grow their savings and a stable lender to provide for all their borrowing needs.”
“We keep savings rates as high as reasonably possible in this economy, and we’ve opened new markets for loans to reinvest those deposits and keep loan rates to members as low as possible,” he added.
Fort Knox Federal has steadily grown assets to $1 billion by attracting deposits with higher than regional, and at times national, savings yields. Loan growth has been fueled most recently by lower rates and products such as Fort Knox Federal’s Visa platinum card with a 5% rebate on gasoline purchases.
Fort Knox Federal expanded assets even through the national real estate decline and economic recession by keeping a careful eye on asset-liability management along with sticking to tried and true lending policies, according to Rissel.
The credit union, established in 1950 by 10 civilian employees at Fort Knox, now serves nearly 80,000 members.