Bethpage Federal Credit Union, a $6.8 billion-asset institution based in Bethpage, N.Y., announced that it posted a record net income of $61 million in 2016, a 53% surge from the prior year.
In addition, said the credit union’s president and CEO, Wayne N. Grossé, deposits grew by 9% to $6 billion; while assets climbed by 11% to $6.9 billion, from 2015.
“We attribute our continued growth to our ongoing commitment to enriching the lives of our members and employees, both of whom are our greatest assets,” Grossé stated,
Bethpage FCU also said that in 2016 it funded $3 billion in loans, a 12% increase over 2015. Loan production included mortgages, consumer loans, motor vehicle, business loans, and commercial real estate.
“Lending is the major revenue source for Bethpage [FCU] and mortgages were responsible for half of our annual income,” added Grossé.
Bethpage FCU also funded $207 million in auto loans in 2016, a 54% jump from 2015.
“Last year, over 26,000 new members joined Bethpage [FCU], a 10% increase over 2015,” said Grossé. “Our goal is to help our members lead better, fuller lives through the financial products and services we provide.”
