Infinity FCU reports influx of new members for 2019
Infinity Federal Credit Union in Westbrook, Maine, is closing out 2019 by celebrating an influx of new members.
The $332 million-asset institution added 2,000 people to its roster this year, according to a press release, along with saving members more than $6 million in loan interest. Members also had access for the first time to in-branch debit card replacement, international wire transfers and mobile wallet services. CU officials also reported that members save their FICO scores rise by an average of 44 points as part of Infinity’s credit score education program. The credit union also reported more than $1 million in SBA loan growth.
“We invest in our members, employees, and our community in very real ways,” said Infinity FCU President and CEO Elizabeth Hayes.
Infinity FCU received the Outstanding Community Partner award in recognition of its work in helping asylum-seekers obtain their first apartment by providing them with no-interest loans. Fourteen families secured their first apartment thanks to the credit union.
Other accolades were enjoyed, including recognition as a Leading SBA Credit Union Lender and a “Best Place to Work in Maine” award for a medium-sized company.
Despite its success in 2019, the credit union’s net income stumbled year-over-year. The CU earned $189,000 in net income through the third quarter of this year, down 71% from the third quarter of 2018. The drop in net income was the result of selling mortgage loans, which will better position the credit union for promoting short- and mid-term consumer loans to members, according to Hayes.