AUSTIN, Texas– –A+ Federal Credit Union reported it has reached $1 billion in loan balances. A+FCU's loan portfolio has grown 16%, annualized year-to-date, as of June 30, 2017.
"Reaching $1 billion in loans is a great testament of our members' faith in us to serve their financial needs,” said Kerry A.S. Parker, A+FCU CEO. “It is also a demonstration of the commitment that our entire team has to providing both exceptional service and extraordinary value to our members."
The credit union said the increase in loan volume has come from auto lending, mortgage lending, and commercial lending. A+FCU anticipates strong double-digit growth through 2018, despite challenges in the lending industry which includes competition from FinTech companies and a slowdown in auto sales.
A+FCU said it's making it easier for members to move all of their lending business to the credit union and rewarding them for doing so.
"We launched a new auto loan and mortgage program that reduces the member's loan rate with no fees when they move their loan to the credit union," noted John Demmler, A+FCU Chief Lending Officer.