By BECKY THOMAS
Staff Reporter
CEO JoAn Sanders credits service and sensibility that kept the Cheney Federal Credit Union going strong through a tough economic year.
The credit union didn't just weather the storm, however; they came out ranked fifth out of 768 similarly sized credit unions in a recent report from Callahan and Associates Credit Union Strategy and Performance Publication.
“We've always been ranked, but this is the highest we've been,” Sanders said.
The credit union grew in 2009 when many banks were downsizing or even shutting their doors. They reported an increase in total assets from $58 million to $67 million and in membership from 4,623 to 4,796.
Sanders said the success shows that people trust the credit union. She also said they were able to remain stable because credit union employees showed restraint in issuing risky loans when other institutions were throwing caution to the wind.
“We just try to stay true to our core values,” she said. “We didn't get involved in any of the craziness of loaning 125 percent of the value of the home.”
Sanders said the credit union has remained conservative in the financial products they offer, and employees work with members to solve their financial problems.
“I think we do have a good reputation in the community,” she said. “Our assets grew; our savings deposits grew last year almost 19 percent, which is incredible and I think it does go back to word of mouth.”
Cheney Federal was the only credit union in the state to rank in the top 50 in the $50 million to $100 million asset size. Credit unions are scored based on how well they serve members through economic benefits, good products, lending, saving and product usage.
Sanders said the 58-year-old credit union is going to stick to what works, and doesn't plan to change the strategy of member service and conservative advice.
“For right now, I think we're going to stay the course and make it through this year.”
Becky Thomas can be reached at [email protected].
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