NEW HARTFORD, N.Y.-The recession prompted GPO FCU to change its mission statement and focus on saving members even more money.
"Our focus is you," is the $182-million CU's new mantra, which has GPO shooting to save members $10 million in interest payments in 10 years, explained CEO John Prumo.
With so many members struggling, GPO last year set a goal to save members $1 million in interest payments in one year and hit the milestone mid-November. "By year-end we had refinanced 748 higher-rate loans from other institutions saving members $1,067,971, an average savings of $1,427 per loan," shared Prumo.
GPO has had a loan refinance program in place since the end of 2004, and Prumo said the $10-million goal is retroactive to the program's start, and that the CU is on target to meet the large goal. "Those savings will go far for members during these tough economic times."