ORLANDO, Fla. -
While many financial institutions are suspending their expansion plans and even reporting mortgage-related losses, Fairwinds Credit Union here is moving in the opposite direction and rolling out a $25-million expansion.
The expansion plan began in 2007 with seven new branches, and is to continue through the end of 2008 when eight additional branches will grow the network to 40 branches for the 143,449-member Fairwinds Credit Union, according to Dianne Goigel, executive vice president of marketing for Fairwinds CU. “The majority of the expansion will be complete by the end of this year with three new branches planned for 2009,” Goigel said.
The primary driver for the branch expansion–convenience.
“Convenience is a priority for our members and we plan to fulfill that request with additional branches in close proximity to our current membership base,” Goigel said. “We are also planning to build in new markets to bring the value of Fairwinds to potential members and therefore increase market share.”
Florida’s sixth-largest credit union has avoided the mortgage crunch that hurt many credit unions throughout the state, and instead grew by 25% last year. Fairwinds reported $7.9 million in net income for 2007, down from $12.5 million in 2006.
The expansion is part of a three-year plan that is now in its third year, Goigel said.
“Our growth plan was established several years ago as a long-term strategy which allowed us time to prepare well in advance,” Goigel said. “We have cautiously monitored our financial performance, and despite the difficulties in the market, we are performing at a high level, which has allowed us to continue with the expansion.”
The expansion will provide about 50 to 60 new jobs in the communities the $1.6-billion Fairwinds Credit Union serves throughout Central Florida, including a six-county region of Orange, Seminole, Osceola, Lake, Volusia and Brevard counties.
“In addition to creating new jobs, our expansion will also provide career advancement opportunities for our current staff,” Goigel said.
The expansion is being marketed through the credit union’s website, direct mail and press in the local media, Goigel said. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com
