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CU System
Local media shine spotlight on CU growth
MADISON, Wis. (1/27/12)--Local media recently highlighted the growth of credit unions in Pennsylvania and Florida.

Tobyhanna FCU, a $155.8 million asset credit union based in Scranton, Pa., in July moved into its new three-story glass-and-brick headquarters, which has three drive-thru lanes and an ATM and offers financial services that range from business loans to first mortgages (thetimes-tribune.com Jan. 22).

After its humble beginnings situated on the Tobyhanna Army Depot grounds, the credit union merged with a local hospital's credit union and moved to downtown Scranton. Over the years, Tobyhanna added more than 500 select employee groups, ranging from companies with sole proprietors to big manufacturers, the paper said.

The credit union now has four branches--one each in Scranton, Tobyhanna, East Stroudsburg and Wilkes-Barre.

In the past two decades, credit union assets in the state more than tripled to $33.8 billion from $8.9 billion, the Pennsylvania Credit Union Association told the paper.

Another Scranton credit union, the $126.3 million asset Penn East FCU, also has seen large growth. Penn East opened its first office in 1995, after operating for most of 73 years "out of a volunteer's briefcase," the paper said. Aided by a community charter, the credit union added two new branches--one in Scranton and one in Clarks Summit--since 2007.

The $9.2 million asset Scranton Times Downtown FCU also has a community charter to serve residents of downtown Scranton, the paper said. To read, the article, use the link.

Also, three Florida credit unions are experiencing above-average success, according to The North Central Florida Business Report (Jan. 18).

They include:

  • Campus USA CU, a $1.04 billion asset Gainesville-based credit union, with 65,000 members and $844 million in deposits--compared with $841 million for Wells Fargo--the bank with the most deposits in the surrounding county.
  • The $446.2 million asset Florida CU in Gainesville, which garnered twice as many members as usual in the fourth quarter, even though the credit union didn't do any advertising about Bank Transfer Day, Chris Clore, the credit union's vice president of marketing, told the publication. Its assets have risen to $500 million today from $74 million in 1995.
  • SunState FCU in Gainesville has seen it assets increase to $283 million from $70 million in 1992. In that timeframe, SunState's membership has grown to 28,000 from 15,000.
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