Firefly Credit Union, a $1.2 billion institution based in Burnsville, Minn., released its 2017 Member Value Report, which quantified the value their members received from their financial products compared to similar products at local banks.
For example, according to the report, if a Firefly member had a savings account, he would have saved $55 in fees and other costs compared to someone who kept a savings account in a local bank. For checking accounts, that figure rose to $130; for Money Market accounts, $269; and $438 for home equity loans.
All told, the credit union said, in 2017, it delivered a “collective member value” of more than $24 million, or an average annual “individual member value” of just over $350. Moreover, members who had more than three unique Firefly CU products received a value of more than $550, on average.
“We invest directly in our members, as opposed to stockholders,” stated assistant vice president-director of marketing, Traci Berhow. “Those profits are returned in the form of competitive rates, higher returns and fewer fees. The value members’ receive grows with each product they have with Firefly -- it can really add up.”
Firefly CU posted net income of about $7.1 million on 2017, slightly up from about $7 million in the prior year.
Total loans and leases amounted to about $1 billion last year, up from about $943 million in 2016.