SMITHFIELD, R.I. — Assets at Navigant CU here grew by more than 10% during 2013, and the credit union celebrated by returning to members a 2% dividend for interest on accounts — the 25th consecutive year Navigant members have seen such a payout.
Much of the CU's growth came from increases in lending — a 26% rise overall, largely fueled by gains in mortgage lending — along with assuming Columbus Credit Union via a merger, which added about 6,500 new members, as well as two branches.
"We have always believed in operating in the best interest of our members and the most effective way we have done that is by taking a conservative approach to management," said Charles H. DeBlois Jr., chairman of Navigant's board of directors.
Along with that growth, Navigant also started a "New Beginnings" loan to help those who don"t qualify for traditional home loans, and joined The Alliance for Nonprofit Growth and Opportunity (TANGO), an organization assisting nonprofit organizations as a financial services provider. The CU also gave way $10,000 in college scholarships and made donations to multiple community organizations, along with providing financial literacy to students in area schools and packaging and delivering meals for the needy at Thanksgiving.
Navigant has $1.4 billion in assets and serves more than 63,000 members.
