PEORIA, Ill. — Times are tough in many parts of the country, but credit union loan volume is soaring at the $3.6 billion Citizens Equity First FCU, the state's second largest, according to Charles Walker, chief financial officer.
"We're doing $1 billion in loans and that looks to be a record this year," said Walker, commenting on CEFCU's financial health.
Central Illinois, "which seems to be somewhat insulated from the rest of the country," has shown gains in manufacturing, education and health sectors, said Walker. Peoria, he noted, is the home of Caterpillar Tractor, which has performed well during the robust agricultural market.
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CEFCU loans, he said, "have been across the board in mortgages and in the consumer area, and our auto loans have been remarkably strong," citing what he called a successful partnership with car dealers.
Walker spoke out in connection with the Peoria CU's bid on new interest-earning funds that will be deposited this month in Illinois banks and CUs by Illinois State Treasurer Alexi Giannoulias. CEFCU is among several CUs that submitted bids for $25 million of the funds, which according to Walker, will be used to support CU liquidity.
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