HOLLYWOOD, Calif.–Looking to hit the $900-million asset mark in 2011, First Entertainment CU is promoting a 2% APY four-month CD during December, and has attracted $4.5 million in deposits in about three weeks.
“We thought it would be a nice milestone to reach in 2011, so we put a little special out there,” said VP-Marketing Roy MacKinnon.
The CD pays the high rate for deposits up to $25,000 and for new money only. MacKinnon explained that due to the affluent membership the CU serves, individual deposits could have been very high, negating the other reason FECU made the offer. “This is a nice little year-end give-back, a spiff for the membership. But at this high rate I think we would have seen some large deposits, which would not have allowed us to reach as many members as we wanted.
The credit union internally placed a $10-million cap and goal for the entire promotion. Deposits reached $4.5 million by Dec. 23, making MacKinnon feel the CU will not reach the campaign goal, but not the milestone. “As of yesterday we have reached the $900-million asset mark because business outside of the promotion put us over,” MacKinnon said.
FECU assets stood at $891 million Nov. 30 and by Dec. 28 the credit union passed $900 million.
