In a phrase, the $810 million Arkansas Federal Credit Union, the state's largest, has "stuck to its knitting" ending 2010 by meeting a five-year goal to double assets, its CEO reported Friday.
Larry Biernacki, who heads the Jacksonville CU, with 9% capital, credits the asset surge in part to the success of an indirect auto/cycle CUSO which has helped spur a 15%-18% growth rate.
"We don't do the stupid loans, we stay away from the exotic deals and we have an outstanding staff that understands that it's all about serving the members," said Biernacki, long a vigorous advocate for CUs adhering to strict loan standards.
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