Fryzel Discusses the Potential for Increased Member Business Lending at United FCU (Misc News: July 7, 2011)
Pictured from left are Honor CU CEO Scott McFarland; United FCU board member Roger Kluge; UFCU President/CEO Gary Easterling; NCUA Board Member Mike Fryzel; UFCU COO Duane Nelson; UFCU Chairman J.B. Hoyt and UFCU board member Jim Rothfuchs.
NCUA Board Member Michael Fryzel visited United FCU in St. Joseph recently where he met with the credit union’s CEO, Gary Easterling, several board members and key staff to discuss current industry happenings and provide NCUA perspectives.
In addition to meeting with key staff, Fryzel had the opportunity to tour the surrounding community where he saw firsthand how the credit union has aided in helping St. Joseph grow and expand its infrastructure through its Member Business Loan program.
“Despite the poor economic conditions in Michigan, UFCU has seen positive growth in shares, loans, and membership for four years running,” Fryzel said. “I’m particularly pleased to see their active promotion and success with business lending, which diversifies their portfolio, and their outreach within their community. Credit unions, through their member-owned philosophy, serve an important role in the financial strength of communities everywhere. UFCU has not shied away from such responsibility to its members by participation in community events and organizations, scholarship programs and a profound interest in the business community.”
UFCU’s business loans have grown from $12.3 million in 2007 to $50.1 million last quarter, according to the NCUA.
“UFCU joins other Michigan credit unions diligently helping move from recession to recovery. Together, they have surpassed the national average in consumer penetration and savings growth, an impressive feat in today’s rough economy,” Fryzel said.
Well-capitalized, UFCU is the second largest federal credit union in Michigan. It was originally chartered to serve employees of Whirlpool Corp. in Michigan, Kentucky, Ohio, and Tennessee, expanding their membership over the years. Today, the credit union serves more than 104,000 members and holds more than $1.2 billion in assets.
Joining Fryzel and Easterling in the discussions were: Greg Vaughn, COO of Cornerstone Alliance; Steve Downs, UFCU director of business services; Bob Jones, CA resource development coordinator, J.B. Hoyt, UFCU board chairman; UFCU COO Duane Nelson; Mark Weber, UFCU vice president national sales and service; Mike Griffin, UFCU business services manager; UFCU Vice Chairman Mike Hildebrand; board Treasurer Jim Rothfuchs; Director Roger Kluge; Cindy Swigert, chief human resources officer; Tim Gray, vice president of finance, and Scott McFarland, CEO of Honor CU, also based in St. Joseph.