Chippewa Eagle FCU in Mount Pleasant, Mich., has reached the $2 million mark in assets in its first seven months of operation, the credit union and its core processor said.
The new CU also is expects to cross the 1,000-member mark by the end of the year and said its performance so far has exceeded its original growth expectations from the NCUA.
The credit union was chartered last year to serve members and employees of the Saginaw Chippewa Indian Tribe, with a potential membership of about 7,800.
The credit union's president/CEO, Greg Carroll, said a broad product suite that included online, mobile and audio banking, e-statements and receipts and other imaging services has helped CEFCU get off to a fast start.
CEFCU is a participant in the “Starting a Credit Union Program” from CU*Answers, a core processing CUSO based in Grand Rapids, Mich. That offering includes free core processing for the first two years as well as other services.
The program has provided a number of credit unions across the country “a much greater opportunity for achieving a level of financial stability, while promoting a well-rounded service offering during this critical start-up period as they are establishing an initial presence,” said Scott Page, CU*Answers executive vice president.
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