Central Oklahoma FCU expands field of membership

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Central Oklahoma Federal Credit Union has broadened its field of membership thanks to a recent approval from the National Credit Union Administration.

The Davenport, Okla.-based institution can now serve consumers who live, work, conduct business or worship in Lincoln, Creek and Payne Counties. Central Oklahoma is the latest CU to expand its field of membership, following a similar announcement last week from Nashville-based U.S. Community Credit Union.

“With our long-established history of operating and meeting the financial needs in our current area, we are confident of our ability to provide a wide array of affordably priced financial products and services to all residents in our new community,” said President and CEO Tommy Smith.

Call report data for Central Oklahoma FCU show a loss of just under $60,000 for 2019 after net income of more than $54,000 the year before. While lending grew nearly 9% last year and charge offs fell by nearly half, noninterest income was down by about 15% while noninterest expenses rose by 21%, including a 19% increase in staffing costs.

Central Oklahoma FCU serves just under 2,900 members with $34 million in assets.

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