First Community CU Recognized Nationally as Community Credit Union of the Year
In October, FCCU received the Community Credit Union of the Year award from the Credit Union National Association (CUNA), which represents 90% of all credit unions across the US. This award honors credit unions that consistently excel in the advancement of credit union ideals, are proactive in their community and meet the needs of their diverse members. The specific three areas judged were member impact, community impact and financial impact. FCCU was awarded first place in the category of credit unions with more than $250 million in total assets. A contributing factor in winning this award was the strong financial state the credit union is experiencing. In June, FCCU hit a significant milestone by exceeding $400 million in total assets for the first time in the company’s history. The credit union has steadily grown since its founding nearly 75 years ago, but in the last 8 years, FCCU’s assets have nearly doubled; with $120 million of that growth occurring in the last three years. This growth has made FCCU the largest credit union in the state of North Dakota and the second largest in the Dakotas.
While nationally many other financial institutions are struggling due to factors such as the economy and regulatory restrictions, FCCU is thriving financially and has become an industry leader. According to Callahan & Associates, FCCU is in the top 10% in several financial categories, exceeding their peers on a national level. These high rankings include: income, earning, net worth, delinquency, charge offs, return on assets and loans to shares.
As a result of the growth and a commitment to better serve their membership, FCCU is reinvesting in their facilities. A new building in Fargo is scheduled to open in the summer of 2013 and land was purchased in Valley City for a new branch to be built. Just five years after the branch opening in a South Fargo strip mall, FCCU has outgrown the space and plans to expand to a new 7,000 square foot branch. It will be located south of the existing branch, near Petro gas station, and will include drive-up lanes, which the existing facility did not have. The Valley City branch was established in 1979. The new location will be east on Main Street and will enable FCCU to better serve existing and potential members.
“It’s an exciting time for our credit union. These accomplishments are a true testament of our hard-working employees and our loyal members. Knowing that our credit union is growing during a time when other financial institutions are struggling, makes you realize what a great credit union we have. We’re excited about the opportunity to grow our credit union in the many communities we serve,” said Steve Schmitz, CEO of First Community Credit Union.