Centra Reports Solid Financials

Sheila Dickman

Columbus, IN – James R. Johnson, Centra Credit Union’s Chairman of the Board, and Loretta M. Burd, Centra President/CEO, addressed a crowd at Centra’s 2010 annual meeting, reporting solid growth for the credit union during 2009. “Celebrating 70 Years of Service” was the theme of the meeting, commemorating Centra’s 70th anniversary in the Columbus community.

Centra’s total assets climbed to more than $860 million, an increase over the prior year of 7.6%.  In 2009, Centra also recorded net income of $6,019,338, and a year-end capital ratio of 11.2%, significantly above required capital adequacy levels of 7%. Centra’s deposit balances grew to $727 million, representing 7.4% growth over 2008.  Additionally, loan balances grew to $487.8 million.

 “2009 was a challenging year with continued economic downturns and rising unemployment,” Burd told members in attendance.  “And through it all, Centra remained one of the strongest financial institutions in South Central Indiana with a .72% Return on Assets,” Burd continued.

 “This strength in capital continues to mean Centra is in a strong position to take advantage of future business opportunities,” noted Doug Harris, Centra’s Executive Vice President/Chief Financial Officer. “It also means our members’ hard-earned deposit dollars are safe at Centra, and our loan delivery channels are still open and ready to serve the community’s borrowing needs.”

Other notable achievements included several state and national awards for two philanthropic endeavors Centra spearheaded, Flood Relief Efforts for many in the affected communities and the Helping Hand program designed to assist those who suddenly lost jobs.  In response to the needs of the communities served by Centra, employees created and sold cookbooks, in celebration of Centra’s 70th Anniversary, with all proceeds from the sales going to area United Way organizations. During the meeting, Burd presented a check for $20,000 to Doug Otto, Executive Director of United Way of Bartholomew County.

About Centra

Founded in 1940, Centra Credit Union has $860 million in assets, 127,000 members, 264 employees, and is the fifth largest credit union in Indiana. Serving 30 counties in Indiana, Centra currently operates 23 branches. Centra has also earned a 5-Star rating by Bauer Financial, Inc., the nation’s leading independent credit union rating and research firm. This is the 59th consecutive quarter that Centra Credit Union has merited this highest honor, which is based on the financial condition of the credit union. Centra also adds the distinction of being an “Exceptional Performance Credit Union” for having earned this highest level for 10 years or longer.

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