NEW ORLEANS (11/9/11)--Five credit unions, including a double winner, were recognized for their lending prowess Monday with CUNA Mutual Group's Excellence in Lending Awards at the CUNA Lending Council's 17th annual conference in New Orleans.
Excellence in Lending winners were announced by CUNA Mutual Group at the CUNA Lending Council's Annual Conference Monday in New Orleans. From left, are: Dan Murray, CUNA Mutual vice president, who presented the awards; John Dolan, Charter Oak FCU; Ted Bangert, Black Hills FCU; Julie Ernis, Texell CU; Roger Montes and Oscar Saavedra, Latino Community CU; Greg Baker and David Kennedy, CEO, University of Kentucky FCU; and Bill Vogeney, vice chair, Lending Council. (Photo provided by CUNA Mutual Group)
Dan Murray, CUNA Mutual Group, vice president, presented the 12th annual awards to:
- University of Kentucky FCU, Lexington, Ky.: Consumer Lending, more than $250 million in assets. The credit union has grown its indirect business from 1,600 deals with $29 million in originations in 2009 to more than 2,600 deals with $51 million in originations in 2010.
- Texell CU, Temple, Texas: Consumer Lending, less than $250 million in assets. Texell grew its lending nearly 27% in 2009 and 35% in 2010. That resulted in the highest loan-to-share ratio in Texell's history, higher average loan balances and net charge-offs below peer and industry averages.
- Charter Oak FCU, Groton, Conn.: Mortgage Lending, more than $250 million in assets. An economic downturn that severely hurt its vehicle loan business prompted Charter Oak to implement a diversification strategy. The credit union became Eastern Connecticut's No. 1 mortgage lender with more than 1,000 mortgages ($130 million) originated in 2010.
- Latino Community CU, Durham, N.C.: Mortgage Lending, Less than $250 million in assets. In 2010, LCCU experienced loan growth of about 20%, and an overall loan yield of close to 7% while limiting loan losses to less than 1%, despite many of its members having no credit history.
- Black Hills FCU, Rapid City, S.D.: Business Lending. Black Hills took a disciplined approach to blending business lending into its corporate culture as a core product offering.
- Latino Community CU: Low to Modest Means. The credit union delivered the overall lending products and services to meet the membership needs of many previously unbanked Latinos in North Carolina. LCCU's attributes its 2% delinquency rate to its award-winning financial education program, despite much of its membership having no credit history.
"A record of nearly 50 credit unions were nominated for 12th annual awards and they were quality applicants," Murray said. "It's a credit to the ingenuity and resiliency of our nominees to achieve this kind of success during times of high unemployment, a poor housing market and low consumer sentiment.
CUNA Mutual Group, with support and expertise from the CUNA Lending Council, established the Excellence in Lending Awards in 2000 to recognize credit unions that have implemented outstanding lending programs while demonstrating sound financial performance. The annual awards provide an opportunity for credit unions to share best practices and ideas, build networks, and recognize and celebrate lending excellence.