BETHPAGE, N.Y. Bethpage FCU, New York’s largest credit union, reported a 38% increase in net income for 2012, to $57 million, as its assets topped $5 billion for the first time.
“It is our unwavering commitment to members that has allowed us to double our size every five years and will drive us to double our size again in the next five years,” said Kirk Kordeleski, president of Bethpage, which plans to add nine to 12 branches over the next three years to its current total of 26 branches operating throughout Nassau and Suffolk counties.
For 2012, Bethpage funded $1.9 billion in loans, a 30% increase over 2011. Bethpage also funded $176 million in auto loans in 2012, an 80% increase compared to 2011. The credit union giant continued to expand its growing commercial lending business, which in 2012 represented 10% of its loan production, or $195 million, a 15% increase over 2011.
Last year also marked the one-year anniversary of Bank Transfer Day, and Bethpage added 33,440 new members, a 26% increase compared to 2011. For 2012, 28,064 new checking accounts were opened, a 22% increase over the previous year.