The $6.1 billion, 266,000-member Bethpage Federal Credit Union has originated more than $1 billion in home equity lines of credit this year as of June 30, the Bethpage, N.Y.-based cooperative announced.
According to the NCUA, as of the end of June 2015, Bethpage FCU had a net worth ratio of 8.09% and a return on average assets of 0.60%, which compares to a peer average of 0.83%. Bethpage FCU said it captured 16% of the market for home equity products in 2014.
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"We're proud of the work our home equity team has done to help members get the money they need for home improvements, debt consolidation and other major expenses," Bethpage FCU President/CEO Wayne N. Grossé said. "Bethpage is committed to providing Long Islanders with great rates, low fees and excellent service."
The cooperative noted it had introduced a new home equity line of credit that offers 1.99% APR for the first year, no application fee and no closing fees.
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