Deposit growth and new loans have helped Alabama Telco Credit Union start the first half of 2013 on strong footing.
The $606 million credit union in Birmingham said financial reports for the first half of the year showed a steady increase in both categories.
Alabama Telco reported a growth of $13.7 million in deposits and booked $82 million in new loans with part of the loan growth stemming from an upswing in mortgages, the credit union said.
An $8.5 million growth in real estate loans yielded a significant increase from years past, according to Alabama Telco.
Still, 2013 and the past couple of years have been equal parts challenging and frustrating for consumers and financial institutions, said Linda Cencula, president/CEO of Alabama Telco.
“As a result of the protracted, low interest rate environment, we are finding that we are all working harder than we ever have,” Cencula said. “Most consumers are experiencing the phenomena of having more money in savings that is earning less than it likely ever has.”
The good news is the economy does seem to be moving in the right direction, Cencula said.
“We have been fortunate to continue our growth and most importantly help our members strengthen their financial portfolios,” Cencula noted. “We look forward to what the rest of 2013 holds.”
Alabama Telco serves more than 60,000 members.