While many credit unions continue seeking ways to boost their loan portfolios, Augusta Metro Federal Credit Union said it experienced a 23.81% increase in loan growth over a 12-month period.
The $62 million credit union in Augusta, Ga., said as banks have lowered the money available to lend, the cooperative increased its lending in the central Savannah River area.
“We’re happy to be a safe and strong financial institution where everyone in the community is welcomed to become a member and serving our membership is our only purpose,” said Sherry Saxon, president/CEO of Augusta Metro FCU.
Callahan and Associates Inc. ranked the credit union 40th nationally in loan growth in the 12 months ending June 30. Augusta Metro FCU’s 23.81% loan growth significantly surpasses the industry average loan growth rate of negative 0.47%, according to Callahan.
Augusta Metro FCU was awarded with a Certificate of Excellence from Callahan and is listed in the firm’s 2012 Credit Union Directory Leaders in 12-month loan growth for its achievement.
Founded in 1961 at a local paper mill with 10 members and $50 in assets, the credit union is celebrating its 50 year anniversary this year as it serves more than 12,000 members.