The winning combination of increasing assets and growing membership side-by-side with declining expenses is being celebrated today by the team at United Federal Credit Union headquarters in Southtown St. Joseph.
United Federal announced today that total assets grew 2.3-percent in the first quarter of 2019 when compared to the fourth quarter of 2018. Total assets reached $2.85-billion by the end of the first quarter.
Total deposits also grew by 6.4-percent in the first quarter—an increase of $128.6-million compared to the fourth quarter 2018. Meanwhile, total membership grew by 1,150 to over 175,000, which is a 4.4-percent increase from one year ago.
Chief Financial Officer Michael Ruchti says, “We are very happy with the results from the first quarter,” and adds, “It shows that United is a strong credit union that does right by our members by offering competitive rates on deposit products, and that we are a trustworthy financial institution for people in the communities we serve. Our incredible team delivers each day on our promise to listen to members and build relationships through first-class service and solutions.”
The credit union achieved the growth while also decreasing operating expenses by 2-percent when compared to the fourth quarter of 2018.
CFO Ruchti notes, “The growth we have seen is a result of managing our members’ money correctly and putting their best interests first,” and concludes, “This is a total team effort by the employees at United.”
United Federal Credit Union has served its members since 1949 by “helping them to build a sound financial future.” United consists of more than 174,000 member/owners worldwide and manages assets in excess of $2.8 billion. Its corporate offices and main branch are in St. Joseph, with additional branches in Arkansas, Indiana, elsewhere in Michigan, and in Nevada, North Carolina, and Ohio. For more information you can visit online by clicking this link: http://www.unitedfcu.com
