News Release: United Federal Credit Union Reports Strong Deposit Growth in Q2
July 22, 2019
ST JOSEPH, Mich. – United Federal Credit Union announced second quarter results on July 12. Total assets grew to $2.87 billion by the end of the second quarter which is a 7.2% increase over the second quarter of 2018.
Total deposits grew $24.7 million compared to the first quarter 2019 and $241.8 million compared to the second quarter of 2018 or a 12.5% increase.
Meanwhile, total membership grew by 1,350 to over 176,700, which is a 0.8% increase from the first quarter 2019 and 3.5% increase over second quarter 2018.
“Our second quarter results show steady growth in key areas of focus this year,” said Chief Financial Officer, Michael Ruchti. “Credit unions are not-for-profit organizations, so it’s exciting to see deposit and membership growth because that means we are investing resources back into the cooperative to directly benefit more Members.”