United Federal Credit Union grows assets by 7%
Earnings at United Federal Credit Union in St. Joseph, Mich., increased by double digits in the second quarter from a quarter earlier.
The credit union, which operates in several states, said on Friday it earned about $8.4 million during the second quarter of this year, up 17.5% from the first quarter. United FCU’s net income for the first half of 2019 was $15.5 million, up 1.6% from the same period in 2018.
Its assets hit $2.9 billion at the end of the second quarter, up more than 7% from a year earlier.
United FCU also had spikes in deposits and memberships. Total deposits were up 12.5% in the second quarter from a year earlier. Membership in the credit union hit 176,700, an increase of almost 1% from the second quarter, and up 3.5% year over year.
“Our second quarter results show steady growth in key areas of focus this year,” Michael Ruchti, United FCU’s chief financial officer, said in a statement. “Credit unions are not-for-profit organizations, so it is exciting to see deposit and membership growth because that means we are investing resources back into the cooperative to directly benefit more members.”