FARMINGDALE, N.Y. — In any crisis, someone is able to cash in, and some credit unions in New York are doing just that right now.
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"[The banking crisis] turned out to be good for us," said Frank Spencer, a volunteer director for Teachers FCU, here. "People are taking their money out of banks and bringing it to us."
Teachers FCU, the $3-billion Long Island credit union giant, has seen a whopping 15% growth in shares (deposits) in the first quarter, $361 million. Board member Spencer said mortgage refinancings are up, car sales are up and the credit union plans to open at least two additional branches to accommodate growth. "We're doing really well," he said.
