Community Financial Reports Positive Results for Year-end 2003
Plymouth, MI (March 15, 2004) – Community Financial, a federally chartered credit union headquartered in Plymouth, Michigan, reported positive financial results for 2003.
“Our deposits, loans and assets maintained a steady growth rate despite a continuing flat economy,” said Community Financial’s CEO Roger Ballard. “Our mortgage loan originations also reached a record high of $104 million in 2003.”
For the year, total assets increased to $297 million, compared to the previous year’s assets of $271 million. Community Financial’s equity grew to $28.8 million or 9.72 percent of assets. Ballard noted the credit union’s net worth has grown 12.5 percent over the last three years, further demonstrating the credit union’s financial strength and stability.
Total member deposits increased to $263 million, a growth rate of 7.88 percent. At the same time, total loans and leases increased to $249.9 million, a growth rate of 8.78 percent.
During 2003, Community Financial launched a brand campaign to increase awareness about the credit union’s full range of financial services offered within the communities it serves. Community Financial also expanded its commitment to education partnerships and financial literacy programs. The credit union now operates 17 student credit unions in Michigan schools.
Community Financial Board Chairman Ron Carlson said, “Our education partnerships and financial education programs are important to preparing our youth to be financially responsible adults.” Community Financial annually awards thousands of dollars in scholarships to outstanding high school graduates, who are members of the credit union.
Membership in Community Financial is open to anyone who lives, works, worships, volunteers 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 Financial provides financial services to members at seven 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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