FOR IMMEDIATE RELEASE
Community Financial Announces 2004 Year-end Results
Plymouth, MI (March 14, 2005) – Community Financial, headquartered in Plymouth, Michigan, reported outstanding financial results for 2004 in its annual report to credit union members.
“We are pleased with the strong performance in deposit and loan growth,” said Community Financial CEO Bill Lawton. “Our total assets increased 13 percent to $335 million, compared to the previous year’s assets of $297 million. During this same period, Community Financial’s equity grew to $32.4 million or 9.67 percent of assets.”
Total member deposits increased to $299 million, representing a growth rate of more than 13% percent from the previous year-end. At the same time, total loans and leases increased to $275.5 million, a growth rate of 10 percent, which was the industry average for 2004.
Community Financial has also greatly expanded its commitment to education partnerships and financial literacy programs. The credit union now operates 23 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 ten thousand 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.
# # #
Margaux & Associates, LLC