Houston's First Service CU Reports Strong Growth

HOUSTON – First Service Credit Union said it posted "huge gains" in net income and loans in 2015, with a "strong increase" in total assets and "solid" member growth.

The CU, which has 10 branches in the Houston metropolitan area, reported $8 million in net income for 2015, a 43.7% increase over its 2014 total of $5.6 million. Total income was up 31% from $30.6 million to $40.2 million.

The credit union said its assets grew by nearly 12% to $597.6 million, up from $533.7 million at the start of 2015.

First Service CU reported $444.1 million in net loans as of the end of 2015. That represents a 19.7% increase over the $371 million it held as of the end of 2014. In total, the credit union received 30,601 loan requests – about one-quarter of them submitted online.

 

The credit union said it grew its membership during 2015 by 9.3%, ending the year with 57,104 members, compared with 52,232 members at the end of 2014. Deposit growth was up 12%.

"2015 was an excellent year for First Service Credit Union and our members," Dave Bleazard, president, said in a statement. "All the key indicators were very strong, particularly our loan growth, income and net income. We are making great progress toward our growth goal."

First Service CU has set a goal of becoming an $800 million credit union in 2018. Bleazard said the asset growth in 2015 was right on target for the steady progress needed to achieve that objective.

Further Expansion Expected

In 2015, First Service Credit Union opened a new branch in nearby Katy, Texas, and negotiated land purchases for further expansion this year. The credit union also launched its Discovery Youth Accounts, a new banking program aimed at children from birth to age 18, with increasing levels of account features as the children grow and become more financially responsible.

Other highlights from the year included the introduction of chip-enabled debit and credit cards. First Service said it became one of the first financial institutions to offer instant issue chip-enabled cards. The CU paid a year-end patronage dividend, giving back to members a portion of the credit union's net income, based on how many financial products each individual used in 2015.

 

According to First Service CU, at several times during 2015, it was offering the highest rates in the U.S. on its certificates of deposit.

First Service CU was founded in 1977 by employees of an engineering, procurement, construction and services company. Today it is community chartered to serve members in the Houston area.

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