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CUs making gains amid financial turmoil
MADISON, Wis. (10/30/08)--Credit unions across the nation are performing well compared with other financial institutions amid the national economic turmoil and are providing education and assistance to consumers to help them through tough times. Not only are credit unions not a part of financial problems afflicting the U.S., they are outperforming the rest of the country, Gary Parks, president of the South Carolina Credit Union League, told a local newspaper (The Herald Oct. 28). For example, Family Trust FCU, a $217.7 million asset, Rock Hill, S.C.-based credit union, reported near-record loan growth for the first half of 2008, the newspaper said. Family Trust has seen 9% membership growth since 2007, and growth in every loan category. Family Trust’s success is not due to the credit union being smarter than its competitors, but mostly because it has not taken risks like many on Wall Street have done, Lee Gardner, Family Trust CEO, told the paper. The Michigan Credit Union League (MCUL) will offer a one-day forum on Nov. 13 to bring industry experts together to share information on lending, investing and managing during the current financial crisis (Michigan Monitor Oct. 27). “MCUL is doing everything possible to keep credit unions prepared to deal with the current financial climate,” said David Adams, MCUL president/CEO. “This forum is an excellent opportunity to gain insight on some of the most important challenges and opportunities facing credit unions during this financial crisis.” Pacific Service CU, a $1.109 billion asset, Walnut Creek, Calif.-based credit union, is offering two online videos that provide information about deposit insurance, financial stability, and the benefits of credit union membership. The videos, titled “Why Your Deposits Are Safe” and “What is a Credit Union?” are available on the credit union’s home page (use the link). “In today’s economic environment, an informed consumer has a powerful advantage when it comes to making financial choices. Knowledge about the strength and liquidity of credit unions and how we are different is essential information,” said Steve Punch, Pacific Service president. “We believe these videos do a great job of answering key questions that consumers have about financial institutions at the present time.”
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