DEXSTA Federal Credit Union on Thursday said the National Credit Union Administration has approved its application for a community charter expansion.
The Wilmington, Del.-based CU, which currently serves New Castle County, Delaware, now has a charter that allows it to serve persons who live, work, worship, volunteer or go to school in New Castle County and Kent County, Delaware, as well as Cecil County, Maryland, along with serving businesses and other legal entities in those counties.
The $274 million credit union was founded in 1937 as DuPont Experimental Station Federal Credit Union to serve the financial needs of the company’s employees and their family members. The renamed DEXSTA Federal Credit Union received its first community charter status in 2002.
“This is the second change to DEXSTA Federal Credit Union’s community charter, but by far its most expansive revision,” the credit union said in a statement. “The new charter expansion means DEXSTA Federal Credit Union can now achieve its goal of growing its membership base beyond New Castle County, Delaware.”
The management team said DEXSTA Federal Credit Union’s decision to expand its community charter is based on the belief the CU is: “well positioned to meet the financial service needs of the expanded community. Financially sound, with full-service, centrally located facilities, and a wide range of products and services, DEXSTA Federal Credit Union is fully equipped to serve the expanded community market.”
In 2016 DEXSTA FCU reported more than $1.1 million in net income. Its net worth ratio as of Dec. 31, 2016, was 8.97 percent (“well capitalized”).
In its most recent call report, DEXSTA FCU listed $984,241 in net income for the first nine months of this year. As of Sept. 30, 2017, its net worth ratio was 9.21 percent (“well capitalized”).