Last year was a milestone year for Charlotte Metro Credit Union in more ways than one. The credit union celebrated 50 years of serving the people of Mecklenburg County, but members – who are also shareholders – had even more reasons to celebrate.
CEO Bob Bruns reported to the approximately 250 members in attendance at the May 9 annual meeting that the credit union ended 2012 with $285.5 million in assets – the highest amount ever. That’s a 7 percent increase from the $267 million in assets the credit union reported in 2011. Assets have grown steadily every year for the past five years; CMCU ended 2008 with $182 million in assets. CFO Karen Pellow says the credit union is on target to reach $300 million in assets in June.
Bruns told the group that phenomenal growth was the most dynamic accomplishment for Charlotte Metro in 2012. The credit union experienced the largest growth – 10 percent – in its member base ever. Other 2012 results:
• Market share grew more than 10 percent
• Loan growth was up 10.43 percent
• Loan to savings ratio was 78.9 percent (vs. an industry average of 65.6 percent)
• Deposits increased by $15.6 million
• Checking accounts grew 21 percent
• Savings growth was 6.48 percent (vs. an industry average of 5.85 percent)
• Return on assets was 1.17 percent (vs. an industry average of 0.62 percent)
• Delinquency rates were at .65 percent (vs. an industry average of 1.17 percent)
Another highlight of 2012 was the reintroduction of a credit card product. CMCU's membership responded to the new card enthusiastically; the credit union saw 5% growth in the credit card segment among members.
Bruns believes it’s more important to look forward than to look back. He said, “CMCU is well-positioned to continue to be an innovative financial services provider for the next 50 years and beyond.”