Bob Bruns, CEO of Charlotte Metro Credit Union Charlotte, N.C, announced at its May 9 annual meeting that the credit union ended 2012 with $285.5 million in assets – the highest amount ever.
The 38,700-member credit union also celebrated 50 years of serving the people of Mecklenburg County, but members had millions of reasons to celebrate.
“CMCU is well-positioned to continue to be an innovative financial services provider for the next 50 years and beyond,” said Bruns.
The increase is up 7 % from the $267 million in assets the credit union reported in 2011. Assets have grown steadily every year for the past five years; CMCU ended 2008 with $182 million in assets. CFO Karen Pellow predicts the credit union is on target to reach $300 million in assets in June and Randall Beckwith, vice president of marketing, is equally optimistic.
"We're proud of the explosive growth we experienced during a record-breaking 2012,” he said. “We owe it, in part, to customer dissatisfaction with big banks and their fees, but in larger part to our exceptional staff and the service they provide our members.”
The credit union also experienced the largest growth – 10% – in its member base ever and Bruns told the group of about 250 people in attendance that the growth was the most dynamic accomplishment for Charlotte Metro in 2012. Other 2012 results included market share which grew more than 10% and loan growth up 10.43%.