Michigan State University Federal Credit Union Experiences Loan Growth of 10.23% Over Previous Year
EAST LANSING, MI (June 20, 2013) As part of its mission to assist members in achieving their financial goals, and ultimately, their dreams, MSU Federal Credit Union continues to provide a variety of loans to its members and holds a consumer loan portfolio of $1.41 billion as of May 31, 2013, a 10.23% increase over MSUFCU’s consumer loan portfolio a year prior on May 31, 2012. The largest growth in consumer loans took place in MSUFCU term loans and lines of credit, which includes vehicle loans, with a 13.78% increase over the previous year. Mortgage loans also experienced a substantial increase, with 13.07% growth over the previous year.
Patrick McPharlin, MSUFCU’s President and Chief Executive Officer, commented, “At MSUFCU, we are proud to provide low-cost loans to help our members achieve their dreams. Be it a first home, a study abroad experience, or the consolidation of high-rate debt from another financial institution, our members’ trust in MSUFCU to provide them with resources to achieve their dreams continues to grow. MSUFCU strives to offer our members a friendly and efficient experience and provides a variety of low-cost loans to ensure we meet our members’ needs.”
MSUFCU’s consumer loan offerings include mortgage and home equity loans, vehicle loans (including boats, motorcycles, RVs, and motorsport vehicles), and a variety of fixed-term loans, lines of credit, and Visa credit cards. MSUFCU also offers loans, lines of credit, and a Visa credit card option for its business accountholders.
MSU Federal Credit Union, the world’s largest university-based credit union, offers a full range of personal- and business-related financial services to Michigan State University and Oakland University faculty, staff, students, alumni association members, and their families worldwide in addition to a variety of select employee groups. Founded in 1937 by a few MSU professors and employees, MSUFCU now has twelve branches, over 175,000 members, more than $2.4 billion in assets, and over 515 employees.