TTCU passes second asset milestone in a decade
Tulsa-based TCU closed out the decade with its second asset milestone in 10 years, surpassing $2 billion in assets during the final quarter of 2019.
The credit union hit the $1 billion mark in 2011.
“While I’m proud of our growth, the most important thing is that our increased size allows us to offer more to our members,” CEO and President Tim Lyons said in a press release. “TTCU is currently undergoing a major overhaul of our computer infrastructure, and members will notice the difference in improved technology offerings and streamlined services.”
The credit union said its 2010s growth spurt was spurred partly by the financial crisis, as consumers looked for safer options for their money following the Great Recession. Net income and lending have helped TTCU to grow, according to CU officials, but deposit growth has also played a key role.
As the credit union has grown it has broadened its footprint across the state, expanding its presence not just in Tulsa, but opening branches later this month in Oklahoma City and another location slated to open later this year in Sand Springs, Okla.
According to its most recent call report, TTCU posted net income of just over $13 million million during the first three quarters of 2019, down from $16.7 million one year prior.
Earlier this week, U.S. Senate FCU announced it had surpassed $1 billion in assets.