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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Community Federal Credit Union
734-453-1200, ext. 468