A marketing plan and a strong product line helped Erie Federal Credit Union to experience a 32% increase in business loans in 2008 and earn one of CUNA Mutual Group's Excellence in Lending awards.

The company recognized five credit unions for their lending prowess during a ceremony this week at the CUNA Lending Council Conference in San Diego. The $286 million Erie FCU in Erie, Pa. increased its average loan balance and saw a jump in loan to share ratio from 55% to 64% through a marketing campaign that drove hundreds of potential members to the cooperative's Web site.

CUNA Mutual also recognized the following for their lending efforts in 2008:

  • New Orleans Firemen's Credit Union, Metairie, La.-consumer lending in the assets less than $250 million category
  • Rogue Federal Credit Union, Medford, Ore.-consumer lending, assets more than $250 million
  • Mayo Employees Federal Credit Union, Rochester, Minn.-mortgage lending, assets more than $250 million
  • St. Louis Community Credit Union, St. Louis, Mo.-low to modest means

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.