Bethpage Loans Soar Month Before Bank Transfer Day
October proved to be a strong month for Bethpage Federal Credit Union’s mortgage, auto and consumer loans.
In the weeks leading up to Bank Transfer Day on Nov. 5, the $4.2 billion Bethpage said more than $100 million was funded for mortgage loans and more than $24 million for consumer, home equity and auto loans.
The Long Island, N.Y.-based credit union said it also received an additional 869 applications for mortgage loans for $241 million in October, the credit union's highest volume month of the year. Leading the pack were 30-year fixed rate mortgages at 38% followed by 15-year mortgages at 19%.
As of Oct. 31, Bethpage said its business lending and commercial real estate portfolio grew to $259 million, a 77% increase compared to the same time last year.
As previously reported, Bethpage also saw an 95% increase in new members for the month of October and the first week of November, leading up to Bank Transfer Day, as compared to the same period last year.
During the credit union's one-week Bank Transfer Day promotion, it opened 1,471 new checking accounts – more than triple the 383 accounts that were opened the same week in 2010.
“People are turning to credit unions not just to make deposits and open checking accounts; they are taking advantage of credit unions' full menu of product categories and services - this includes business services as well,” said Kirk Kordeleski, Bethpage president/CEO.