Metro CU’s $1 Billion Milestone Propelled by Loan Growth
A successful execution of lending strategies was instrumental in leading Metro Credit Union to more than $1 billion in total assets.
Over the past 18 months, the Chelsea, Mass.-based credit union said it has enjoyed more than 38% growth in loan portfolio balances across mortgages, home equity, business, auto, personal and student loans.
Business lending, which was up more than 45% over the same period, was also a key contributor to growth, according to Metro CU. With double-digit, year-over-year growth, this is steadily becoming a key element of the credit union’s lending portfolio, the credit union said.
“Lending is a key element of our vision of becoming the primary financial institution for anyone looking for a better way to bank.” said Robert Cashman, president/CEO of Metro CU.
He added, “This milestone proves our members place their trust in us, as we do them, and we look forward to meeting their needs for many years to come.”
The credit union tasked the lending teams with creating a lending operation that attracted both consumers and businesses alike, said Thomas Nadeau, senior vice president of lending and chief operating officer for Metro CU.
“By offering competitive rates under reasonable terms and through a highly personalized process, we’ve quickly achieved the goals and objectives we set into motion,” Nadeau noted.
“We are proud to be part of what enables local business investment as well as home ownership in the communities we serve,” Cashman said.
Metro CU serves more than 160,000 members.