The Cheney Federal Credit Union annual meeting, held March 12, marked a milestone for the local financial institution. In addition to the meeting proceedings, CFCU observed its 65th anniversary of service to the community.
In 2015, CFCU launched a new brand and logo, and continued to grow their membership base and assets. During the six-plus decades of service CFCU has been serving this community, assets have grown significantly, president of the board Les Harris shared in a letter to members.
“I am pleased to report that it was another successful year at your credit union,” Harris wrote. “Cheney FCU maintains a strong financial position. We are well capitalized and have money to loan.”
CFCU has been serving the financial needs of members in Cheney since 1951. Their current membership stands at just under 5,000 with more than $78 million on deposit. CFCU provides financial services to those who live, work, worship or attend school in the Cheney and Medical Lake School Districts and their immediate family members.
In 2015, CFCU provided scholarships to local high school seniors, recognized 15 “students of the month” in local schools, and supported 27 different local organizations.
“When I started at CFCU in 1991, we were a $14 million Credit Union with just under $6 million loaned out to members,” CEO JoAn Sanders, who has worked for the institution for 25 years, told the 150 members at the meeting. “Today, we have assets of $88 million and $33.8 million in outstanding loans. Thank you for trusting CFCU as your financial partner.”
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