United Federal Credit Union reports asset, deposit growth in Q1
ST. JOSEPH, MI (April 24, 2019) — United Federal Credit Union announced that total assets grew 2.3% in the first quarter of 2019 when compared to the fourth quarter of 2018. Total assets reached $2.85 billion by the end of the first quarter.
Total deposits also grew by 6.4% in the first quarter—an increase of $128.6 million compared to the fourth quarter 2018. Meanwhile, total membership grew by 1,150 to over 175,000, which is a 4.4% increase from one year ago.
“We are very happy with the results from the first quarter,” said Chief Financial Officer, Michael Ruchti. “It shows that United is a strong credit union that does right by our Members by offering competitive rates on deposit products, and that we are a trustworthy financial institution for people in the communities we serve. Our incredible team delivers each day on our promise to listen to Members and build relationships through first-class service and solutions.”
The credit union achieved the growth while also decreasing operating expenses by 2% when compared to the fourth quarter 2018.
“The growth we have seen is a result of managing our Members’ money correctly and putting their best interests first,” said Ruchti. “This is a total team effort by the employees at United.”
About United Federal Credit Union
United Federal Credit Union has served its Members since 1949 by helping them to build a sound financial future. United consists of more than 194,000 Member/owners worldwide and manages assets in excess of $4 billion. Its corporate office and main branch are in St. Joseph, Mich., with additional branches in Arkansas, Indiana, Michigan, Nevada, North Carolina, Ohio, and Pennsylvania. Federally insured by NCUA. Equal opportunity lender. Equal housing lender. For more information visit UnitedFCU.com
