SPRING TOWNSHIP, Pa. (3/21/12)--Utilities Employees CU in Reading, Pa., a "virtual" credit union set to surpass $1 billion in assets soon, was featured in an article Sunday in the Reading Eagle.
The credit union's 45,000 members are scattered nationwide and do most of their depositing, withdrawing, and borrowing online or over the phone.
"We call our model a 'virtual' credit union model," Glenn Yeager, Utilities Employees president/CEO, told the newspaper. "Most credit unions and banks still promote the branch model."
The credit union had $504 million in assets in 2006. That total this year was $991,658,473 on Sept. 30, and Yeager told the paper he believes the $1 billion mark will be surpassed by the end of March. Meanwhile, employment at the credit union has risen to more than 90 from 74 in 2006.
"The typical billion-dollar credit union would have 250 to 300 employees, and we have 90," Yeager said. "You can see where the efficiencies come in."
Ed Williams, president/CEO of Discovery FCU, Wyomissing, Pa., and Diane Powell, director of communications for the Pennsylvania Credit Union Association, also provided insight on the operation of credit unions to the paper.
To read the article, use the link.