Evansville Teachers Federal Credit Union is reporting a banner year for 2017.
The credit union – which is in the midst of rapid expansion, including a recent bank purchase – saw significant growth in 2017, including:
- More than 26,000 new members, bringing total membership to more than 192,000 – the second-highest of any credit union in the state
- A 12 percent ($123 million) increase in lending, bringing total loans outstanding to $1.16 billion
- A 13 percent ($270 million) increase in total loans serviced
- A 14 percent ($178 million) increase in assets, bringing total assets to $1.46 billion
- A 41 percent increase in mobile banking usage
- More than $2.3 million returned to members through the credit union’s Vertical and Platinum Rewards checking accounts.
The credit union’s net worth also rose by $22.3 million, with total equity standing at $145 million, approximately 10 percent of total assets.
“Our focus continues to remain on our financial return back to the membership,” said President and CEO Bill Schirmer. “Looking to the future, our focus remains on our members. We will continue to provide the same standard of high quality service while researching new product and service innovations to enhance our value and convenience offerings.”
Evansville Teachers FCU has been ranked No. 1 among Indiana CUs in “total return to the member” by Callahan & Associates and No. 1 in the category of “best performing credit union” by the Savings & Loan Institution, among other honors.
“Those accomplishments are in large part because of a wonderful group of dedicated employees,” said Robert A. Suhrheinrich, a member of the credit union’s board of directors. “They work tirelessly. Our successes, both current and projected, also would not be occurring without Bill Schirmer’s vision for the future.”
According to call report data from the National Credit Union Administration, Evansville Teachers FCU earned a net income over $22 million in 2017, more than doubling its 2016 net earnings.