Sticking to its formula of building relationships rather than building numbers, Alabama Telco Credit Union credits that model for a strong 2012.
The cooperative in Birmingham, Ala., said it closed last year with $527 million in deposits, $341 million in loan volume and assets in excess of $591 million.
In 2012, Alabama Telco said, it continued to ride the credit union wave started from the 2011 Occupy Wall Street movement and Bank Transfer Day with competitive rates, fees and service. The credit union serves more than 58,000 members.
“Despite the market’s steady dip in rates last year, we continued to see an increase in deposits as we worked with members in meeting their savings goals,” said Linda Cencula, president/CEO of Alabama Telco.
The credit union also opened a record number of credit cards as it tried to help members consolidate their debt and spend more affordably, Cencula added.
Alabama Telco also launched a business services division in 2012 that has helped a number of local businesses, including A Plus Silk Screen, a small business in Odenville, Ala., that was shunned by several banks when owner Glenn Sasser wanted to grow his firm.
“We hold true by building relationships with our members and not simply building numbers, which is the reason for our success and the reason members keep coming back,” said Gary Cannady, board chairman for Alabama Telco.