American Heritage hits milestones for membership, asset growth
Philadelphia-based American Heritage Federal Credit Union recently celebrated a pair of milestones, crossing the $3 billion-asset mark and growing to more than 200,000 members.
The credit union hit those threholds in late May, according to a press release Thursday. American Heritage’s first-quarter call report shows earnings of roughly $2.9 million in the first quarter, down about 25% from the same period last year.
Originally founded in 1948 as Budd Workers Federal Credit Union, American heritage now serves members with 35 branches across four Philadelphia-area counties.
“When we were founded, our goal then was to serve all our members in the Philadelphia area no matter who they are or where they live,” President and CEO Bruce K. Foulke said in a press release. “Today, that commitment is stronger than ever. In our journey to $3 billion in assets and 200,000 members, we have been blessed to serve a membership that truly represents the wonderful diversity of our community.”
Despite many credit unions experiencing reduced earnings so far this year due to the pandemic and recession, several credit unions have marked recent milestones for asset growth, including institutions in Michigan, Georgia and Maryland.