Hometown Credit Union named top business lender by Sageworks
BISMARCK, ND (November 16, 2015) — The Kulm, North Dakota based Hometown Credit Union has been named as the top business lender nationwide in their asset size, following data analysis from Sageworks’ Bank information. Sageworks is a financial information company that uses advanced search filters to analyze financial institutions in the United States, using more than 1,000 metrics; the ranking was based on the dollar amount of loans made as of June 30, 2015.
“Family farms and small businesses, especially those operating in rural communities, have been finding it increasingly difficult to obtain credit due to recent economic factors as well as massive consolidations in the commercial lending arena” says Jeff Olson, President-CEO of the Credit Union Association of the Dakotas. “Hometown Credit Union’s well deserved recognition for successful lending is a great example of how credit union member business lending provides essential economic stimulus in our small rural communities.”
Member business lending has been a hot topic for credit unions recently, as the industry awaits finalization of lending rule changes from the National Credit Union Administration, the regulating federal agency. The overall feeling in the industry is that proposed changes to the current rules could perpetuate even more business lending growth for credit unions. Credit unions are in a great position to help small businesses even more, but many are restricted by a statutory cap on business member lending as well as restrictions on providing services only to those businesses and individuals within the credit union’s respective field of membership.
“Hometown Credit Union was founded back in 1949 for a very specific purpose” says Harold Hagen, CEO of the credit union. He continues, “Our reason for being and the reason we exist today, is to help people get credit and improve their lives. We were established as an agricultural credit union with the primary goal of serving the farm and ranch families of south-central North Dakota. From our humble beginnings in Kulm, we have grown into a $100 million organization with branches in Kulm, Ashley, and Hazelton, ND. Our board strives to provide the best financial services possible and making member business loans to our farm and ranch members is truly our calling. We take pride in the fact that we are a member owned cooperative and we take seriously the responsibility that we have to finance and grow our rural communities. We have been blessed with excellent employees and a strong, committed membership and I am proud that our Hometown Credit Union is proof that when your members do well, so does your credit union!”
Hometown’s membership is largely agriculturally based. With 3,000 members, they have loaned over $75 million in business loans.
About Credit Union Association of the Dakotas
The Credit Union Association of the Dakotas (CUAD) is the professional financial trade association serving 71 credit unions that employ 2,200 individuals in 221 branches. With more than 500,000 members in North and South Dakota, Dakota credit unions have assets in excess of $7.6 billion and currently are providing Dakota consumers with over $5.2 billion in loans while safely housing more than $6.6 billion in savings. In our mission to help credit unions succeed, CUAD plays a key role in growing membership and helping to provide service excellence to members from offices in Bismarck, ND and Sioux Falls, SD. For more information about CUAD visit our website at www.cuad.coop.
The Credit Union Foundation of the Dakotas’ purpose is to build community awareness of Dakota credit unions through support of children’s charities; community and social impact organizations or projects; financial education and financial literacy programs through the credit union chapter system; and to provide higher education scholarships throughout our service region in North and South Dakota.
