Fitzsimons Credit Union granted field-of-membership expansion
Fitzsimons Credit Union in Aurora, Colo., has been approved for a field-of-membership expansion, broadening its community charter to three counties in the Denver area.
Any consumer who lives, works, worships or attends school in Adams, Arapahoe or Denver counties is now eligible to join the $200 million-asset credit union. Prior to the expansion, Fitzsimons’ FOM was focused on consumers living in five different cities, along with a few select employee groups, but primarily National Jewish Health, which is a hospital in Denver.
“This expansion will allow us to serve more members of the Colorado community that we could not serve before. We provide innovative savings and loan programs that are not typically offered by much larger financial institutions,” President and CEO Robert M. Fryberger Jr. said in a press release.
Fitzsimons posted earnings of about $730,000 in the first half of 2019 but lost about $280,000 during the first half of this year, according to call report data from the National Credit Union Administration. Those losses were driven in part by a 60% lift in charge-offs, a 31% increase in allowance for loan losses and a 29% drop in noninterest income.