BELOIT, Wis. (11/15/11)--First Community CU, with $74 million in assets, Beloit, Wis., approved more than $1.2 million in loans on Saturday during a branch opening.
First Community CU, based in Beloit, Wis., approved more than 70 loans totaling $1.2 million during a branch opening on Saturday. By 8 a.m. (CT) there were more than 50 members were lined up waiting for the loan sale to begin. (Photo provided by First Community CU)
The credit union held a $2 million loan sale to celebrate the grand opening of its new Janesville office.
The promotion featured loan rates as low as 0.99% for the first $500,000 in loans, 1.99% for the next $500,000 in loans and 2.99% for the remainder.
The first members lined up at 4 a.m. (CT) to guarantee them the lowest promotional rate. By 8 a.m. more than 50 people were in the queue.
The loan sale ran from 9 a.m. to 12 a.m. with more than 70 loans approved. That is a loan approval almost every 2.5 minutes.
"This is by far the most successful one-day loan sale we have ever had," said Jack Gill, First Community CU president.