Olan Jones of Eastman Credit Union, which this week undertook its first merger in seven years, is no bragger but he's willing to crow about one thing: CU performance.
"Whenever I talk to credit union managers from outside Tennessee they are really surprised that statewide average capital levels are at 11.5%, default rates are well below national averages and appreciation values are actually up," said Jones, president/CEO of the $2.2 billion, Kingsport-based CU, the largest in the state.
For sure, there are problem CUs in Tennessee, he acknowledged, but the state's financial institutions including CUs have managed to greatly miss any fallout from the recession's impact.
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