Co-op Services Credit Union Reports Steady Annual Growth
Livonia, MI(March 15, 2004) – Co-op Services Credit Union gave a positive report about 2003 year-end financial results at its 49th Annual Membership meeting. The credit union’s total assets at year-end 2003 exceeded $262 million, an increase of $12.4 million over the previous year.
“Our capital position has also remained extremely strong and increased to 11.29 percent by the end of 2003, “ said Michael A. O’Hehir, chairman of Co-op Services Credit Union’s volunteer board of directors.
Co-op Services Credit Union’s strong financial position was once again recognized by Bauer Financial Reports, Inc., which gave it a five-star designation. IDC Financial Publishing, Inc. also gave the credit union a superior rating—its highest designation.
“Our challenge in loan growth continued to be the 0% financing offers available through automotive manufacturers, “ explained O’Hehir. “Our staff worked diligently to educate members about how they could actually lower their monthly payments and save on overall finance charges by getting their loan at the credit union.”
Co-op Services President and CEO Anthony Carnarvon said, “We are optimistic that 2004 will be a better year for the economy and will also give us an opportunity to further enhance our financial services for members.”
Co-op Services Credit Union has approximately 44,000 members, maintaining branch offices in Dearborn, Livonia, Walled Lake, Westland and Wyandotte. Members also have access to any of 23 Family Service Center shared branches located throughout Michigan. For more information about Co-op Services, visit the credit union web site at www.cscu.org or call 800-321-8570, toll free.
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