After starting out 80 years ago with just $45, Nassau Educators Federal Credit Union has surpassed $3 billion in assets.
The Westbury, NY-based institution first reached $1 billion in assets back in 2006 and $2 billion in 2013. Year-to-date, NEFCU's net income stands at $8,032,018 with a well-capitalized net worth classification.
According to its most recent call report, NEFCU has more than $2.3 billion in loans and leases on the books, more than half of which is concentrated in real estate and commercial lending.
“So much of what we have instituted and introduced the past several years is clearly resonating with those looking for attractive banking products, and an overall experience that is as convenient as it is cutting-edge,” Edward P. Paternostro, president and CEO of NEFCU, said in a statement.
As Credit Union Journal has reported, Paternostro is set to retire at the end of this year.
After acquiring a community charter, the credit union noticed tremendous growth since the charter expanded service to all Long Islanders. Converting to a community charter helped boost membership by 23 percent, along with a $1.5 billion increase in assets and eventually opening eight additional branch locations.
The launch of high-tech banking innovation, a targeted branch expansion program, is another significant factor in its growth. Tech is a focus of the credit union, which now offers an enhanced mobile application, voice banking technology, mobile banking and interactive teller machines.
Accessible to all Long Islanders, NEFCU serves about 188,000 members and has 17 branch locations. Two additional branches are set to open this fall.