A year to save: Town & Country FCU cites record member savings, and deposit growth among 2019’s highlights
SOUTH PORTLAND, ME (February 5, 2020) — In its recently-released year-end recap of 2019, Town & Country FCU highlighted record savings provided to members at nearly $10 million by year-end, close to 10% in asset growth, with the CU surpassing the $400 million in asset milestone, and 15% growth in deposits. Additionally, the credit union topped all Maine credit unions in Facebook followers, and reported the second largest membership of Maine credit unions, too.
As of December 31, 2019, the credit union reported that membership grew to 39,791 members, an increase of nearly 1,100 members over the previous year. In addition to membership, the credit union finished the year with $360.3 million in outstanding loans, an increase of more than 5%, while deposits grew by a robust 15% to $354 million.
The credit union’s most impressive highlight from 2019 was the total savings it provided to members through better rates, lower and fewer fees and other products and services. As a result of the credit union’s Million Dollar Challenge initiative, launched in April, the credit union reported saving its members nearly $10 million, close to $2.5 million higher than 2018. The additional $2.5 million in member savings came through the Million Dollar Challenge, which the credit union created in 2019 with a goal to add to its savings to members by at least $1 million.
“It’s in our DNA to help our members so it’s gratifying to see the positive, direct impact we had on our members and their finances. Our ability to save our members nearly $10 million reinforces the Town & Country commitment to improving the lives of our members. Additionally, the strong growth in assets and deposits, as well solid loan and membership growth highlights the fact that 2019 was a really positive and productive year for Town & Country, our members and the communities we serve. I am also proud that we had another strong year of engagement and support of our local communities through nearly $150,000 in contributions and thousands of hours of volunteer time to close to 200 local non-profits and causes,” remarked David Libby, President and CEO of Town & Country FCU.
Libby noted that while 2019 was an overwhelming success for the credit union and its members, the focus is “now on 2020, and continuing to pursue innovative opportunities to better serve and engage our members, as well as new initiatives dedicated to the financial wellness of our members and the communities we serve.”
About Town & Country Federal Credit Union
As Maine’s largest credit union with nearly 40,000 members, Town & Country is a full-service financial institution offering a wide range of financial products and services to people who live, work, go to school or worship in Cumberland and York Counties. Designated as one of Maine’s ‘Best Places to Work’ for the past eight years, the credit union has $420 million in assets, and is part of the second largest branch network in the country. To learn more, visit www.tcfcu.com.