East Allen County Federal Credit Union said it has dropped its interest rate to .1% in an effort to manage the surge in new money that came in over the past year.
EACFCU CEO Karen Bishop said in September 2008, the New Haven, Ind.-based CU had $11.9 million in assets and by November 2009, it had grown by $2 million or 16%, wane.com reported.
According to NCUA June data, the CU had nearly $14 million in assets and 2,423 members. Bishop said the financial crisis led many to move their money out of banks into credit unions.
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