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Alabama Credit Union achieves milestones
(April 1, 2005) Alabama Credit Union reached a number of significant milestones during March 2005, making it perhaps the most significant month in the credit union's history, according to Alabama Credit Union President Steve Swofford. During the month, the credit union held its 50th Annual Meeting, reached the cusp of $200 million in assets, enrolled its 30,000th member, and opened its 50,000th account. “We of course were aware we were approaching these significant achievements, but who would have thought they would have occurred during the same month?” said Chairman Pete Schwartz. “We are proud that our member/owners have responded so enthusiastically to the Alabama Credit Union's commitment to high-quality, cost-effective financial service delivered by people who truly care.”
Alabama Credit Union has been one of the fastest growing credit unions in Alabama for the past several years, having grown from $100 million to nearly $200 million in just over four years. During that same period, membership increased from 16,000 to over 30,000, a growth rate that exceeds the national average fivefold. During 2004 alone, membership increased nearly 5,000, a growth rate of 18 percent.
“Those numbers are great, and we're proud of them,” said Swofford. “However, perhaps the most significant event during March was the celebration of our 50th Annual Meeting, attended by nearly 250 member/owners, who were there to recognize the significant differences between the financial cooperative that they own and the for-profit banking institutions. It was a great event, one that serves to remind us why we exist, and why we're unique.”
For more information about Alabama Credit Union's recent performance, click here.
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