Navy Federal wins in low interest card category; PenFed cited for best introductory rate.
As far as Bob Fisher, president/CEO of Grow Financial Federal Credit Union, is concerned, joining the Billionaires Club doesn’t mean you don’t need to stop growing. In fact, he believes growth is essential.
Credit card portfolios have had a rough go at things the past couple of years. Even with all the media attention on credit union credit cards in 2010, they grew just 2% that year. The previous five-year trend was an annual average growth rate of 10% to 12%.
While it may not be much of a surprise to credit unions that some banks are not eager to approve funding for small businesses these days, the rate of rejections might cause some alarm.
In an unforeseen management shift, Benson Porter, president/CEO of the $5 billion First Tech Federal Credit Union of Palo Alto, Calif., will be taking over the $9.7 billion BECU of Tukwila, Wash., next April, succeeding retiring CEO Gary Oakland.
Report author says the "big banks are sitting on their assets."
Be it rates, fees or the emotional aspects of their relationships, a new survey of credit union members and bank customers showed that credit unions once again came out on top.
Benson Porter said the chance to return to his native Seattle was a major factor in his decision to leave First Tech.
Credit unions in California and Oregon enjoyed a surge of new members on Bank Transfer Day, as well as on the days leading up to Nov. 5. To encourage new member signings, some CUs kept branches open during extended hours while others marketed Bank Transfer Day promotions.