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Sky-High Balances Send Progressive CU to the Top

Progressive Credit Union is known for its large taxi medallion loans. So why does it have the highest average balance per member in the industry?

By Missy Baxter | Updated on December 15, 2014

Progressive Credit Union is so accustomed to landing at the top of lists, it was no surprise when the $670 million New York-based cooperative ranked No. 1 for largest share balance in 2014 among institutions over $20 million in assets.

“We’ve had that distinction numerous times,” Robert Familant, CEO and treasurer of the 4,000-member Progressive, said. “I know average share balance is a statistic that’s often thrown around, but I’ve never really been a big fan of statistics based on the number of members.”

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