HOUSTON - Despite a slowdown in lending, JSC FCU says it’s “business as usual” at the credit union.
The $1-billion CU attributes its personal success to a stable core FOM–Johnson Space Center (NASA) employees–and the local economy’s ability to thrive due to oil industry ties.
“The economy in Houston is quite good,” says CEO Mike Brown. “Houston is seeing some foreclosures, but I don’t think it compares to rest of the country. Our area here has not seen a reduction in the workforce, and a lot of Houston is tied to the oil industry–and you know how strong that is now.”
Lending, however, has suffered slightly. “Members are not borrowing as much and we’re having a lot of deposit growth based on what’s happening in the stock market,” Brown said.
To address the issue, JSC FCU is running more loan promotions and dropping lending rates.
“We’re also having to drop our CD, checking, and savings rates,” Brown said.
Even if the economy here eventually mirrors most of the U.S., Brown believes his credit union has an advantage. “The aerospace industry is here to stay and I think JSC has a bright future with it.”
