Community Federal Reports Strong Loan Growth in 2002

Plymouth, MI (April 8, 2003) Community Federal Credit Union recently reported total loan growth of nearly 20 percent during 2002.

"Our loan growth was nearly double that of the industry average," said Community Federal CEO Roger Ballard. "Much of this growth occurred in mortgage loan originations as a result of continued low rates. However, we also realized strong growth of nearly eight percent in member deposits."

Total assets increased to $271 million as of year-end 2002, compared to the previous year’s assets of $254 million. Ballard noted that Community Federal’s net worth had grown 15 percent over the last three years, further demonstrating the credit union’s financial strength and stability.

Despite the flat economy in 2002, Community Federal also continued its strong support for youth programs and financial literacy. The credit union currently operates ten student credit unions in communities where members live and work, including Northville High School and Salem High School in Canton.

Community Federal Board Chairman Ron Carlson said, "Our education partnerships and financial literacy programs are important to preparing our youth to be financially responsible adults." Community Federal annually awards thousands of dollars in scholarships to outstanding high school graduates, who are members of the credit union.

Headquartered in Plymouth, Mich., membership in Community Federal is open to anyone who lives, works, worships or attends school in the Michigan cities, townships or counties of Plymouth, Canton, Northville, Novi, Alpena, Otsego and Montmorency. With more than 34,000 members, Community Federal provides financial services to members at six branch locations and through a variety of automated and online services. For more information, visit the credit union web site at www.cfcu.org or call (734) 453-1200 or (877) 937-2328, toll free.

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Media Contacts:

Sarah Cousineau

Community Federal Credit Union

734-453-1200, ext. 468

scousineau@cfcu.org

Margaret Knes,APR

Margaux & Associates, LLC

Phone: 313-406-3467

Email: mknes@margauxpr.com

 

 

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