The $1.3 billion A+Federal Credit Union in Austin, Texas, said Wednesday it reached a new milestone — a $1 billion loan portfolio.
With a 16% annualized loan growth rate as of the end of the second quarter, the credit union has increased auto, mortgage and commercial loans. At the end of the second quarter last year, A+ FCU managed an $858 million loan portfolio, according to its NCUA financial performance reports.
In a prepared statement, A+FCU said it has increased loan volume by making it easier for members to move all of their lending business to the credit union and rewarding them for doing so.
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"We launched a new auto loan and mortgage program that reduces the member's loan rate with no fees when they move their loan to the credit union," John Demmler, A+FCU's chief lending officer, said.
A+FCU, which serves more than 135,000 members, anticipates strong double-digit growth through 2018, despite competitive challenges from fintech firms and an auto sales slump that began earlier this year and is continues to persist. On Aug. 1, Bloomberg Market news reported that GM posted a 15% decline in auto sales, while Ford and Fiat Chrysler reported an auto sales drop of 7% and 10%, respectively.
The credit union reached a billion dollars in assets in 2013, according to its NCUA financial performance reports.
Among the 19 credit unions in Lone Star State that manages assets from $1 billion to $9.5 billion, 13 also manage loan portfolios that range from $1 billion to $8.6 billion.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
