Credit unions back to normal following unusual 2012 high
Net income growth among nine big credit unions serving the metro area moderated in 2013 after record earnings for the industry locally and largely across the nation in 2012.
Net income growth among nine big credit unions serving the metro area moderated in 2013 after record earnings for the industry locally and largely across the nation in 2012.
Banks and credit unions facing more competition from online lenders—and now even from big-box stores offering financial products—are working harder to get a bigger piece of a customer’s wallet over the long haul.
Credit unions last year posted record earnings, thanks largely to lower loan-loss reserves, as well as to growing memberships, growing debit cards, selling off mortgages and stealing business loans away from banks, their arch rivals.
The Fishers-based financial institution is turning to company veteran Doug True to help Forum rebound from a $2.8 million loss in 2010.
Fishers-based Forum Credit Union was on the upswing from a sizable loss in 2008 when a slew of challenges hit late last year. Now Forum is rebuilding its earnings—and looking for a new leader to steer the company.