Oregon's Advantis Credit Union Defies National Trend -- Reports Record Deposits and Members, Is Lending Despite Credit Freeze
Advantis is hiring, opening new metro-area branch and reporting 35% increase in deposits; ranked #1 credit union in the nation for returning financial value
Portland, Ore. (PRWEB) May 5, 2009
Despite the economic downturn and hosts of failing financial institutions, Advantis Credit Union is making national news with record growth during 2008 -- a 35% increase in deposits and nearly 4,000 new members. The credit union, which opened its first west metro location last month in Hillsboro, received more than $20 million in new deposits during its two-day grand opening, and has added more than 800 new members and over $38 million in deposits at that branch alone. Advantis was also recently ranked #1 credit union in the nation - and in Oregon -- for returning financial value to its members.*
Because of its continued growth and healthy financial condition, Advantis is not only avoiding the national credit freeze, but actually increased its total loan volume by more than 26% during 2008. As many financial institutions are turning down or limiting credit for consumers and businesses, Advantis Credit Union's sound underwriting practices and consistent growth mean the institution is able to lend to its members.
"Our members say we're like an old school community bank where they can come in, talk 'live' with their loan officer, have a cup of coffee -- they trust us," says Chris Anderson, Advantis VP of Lending. "For us, the basics of smart-prudent-case-by-case - lending is alive and well. We have money to lend and we're willing to lend it."
Commitment to Smart Lending Practices Pays Off--The dramatic downturn in the economy is widely believed to be the result of defaulted loans funded under non-traditional mortgage programs. Advantis, committed to smart lending practices that serve the interests of members, has never offered such products. In addition to the security and confidence this affords members, it has also helped Advantis keep loan delinquency ratios low. Supported by its continued strong financial performance, Advantis has also built up reserves against future potential losses.
Many consumers, their faith shaken in the economy and a volatile stock market, are now turning to credit unions like Advantis for safety and better value for their money. "Advantis' financial services have been of interest to people who may be panicked in this economy because they can actually improve their financial situation by banking with us," says Advantis CEO Ron Barrick. "Consumers simply get more for their money with Advantis. We position ourselves as the financial institution of choice for people who are looking for a terrific service experience and consistently good financial value."
One Couple's Story--Advantis Credit Union members Cheryl and Harrison Martin, on the verge of becoming empty-nesters in Portland, had hoped to get a loan toward the purchase of their dream home earlier this year. Unfortunately, like so many others in their position, the current credit crunch and strict computerized loan formulas that determine approvals made it difficult to get a home loan from any financial institution.
"My husband is self-employed and we are the co-signers on our son's first home - two strikes against us and the reason other banks were quick to decline our loan requests almost immediately. The computer would spit out our information and the lenders' hands were tied - nothing else mattered to them," said Cheryl Martin of Portland.
The couple's last stop was Advantis Credit Union and today, the couple has purchased their dream home in Washougal and is moving this month. "Advantis took our information, looked at our financial history, and gave attention to our individual situation. Because they can offer in-house loans and don't rely on other external decision-makers, we were approved within 24 hours at more than two interest points lower than other banks were advertising," said Martin.
Credit Union Benefits--Sound lending is just one of the reasons why credit unions are proving such an attractive alternative for consumers.
Security and ownership
Credit unions are not-for-profit financial cooperatives owned locally by their members, which enables Advantis to focus not on returns for shareholders but on providing as much value as possible for members.
Better rates, lower fees
As part of their commitment to member-owners, Advantis and other credit unions commonly offer lower interest rates on loans and provide members with higher earnings on their savings. Member-owners also frequently enjoy low fees and freedom from hidden penalties.
Responsive member service
Credit unions commonly deliver robust member service and a wide range of free services. Among its many member benefits, Advantis delivers free seminars for members on various financial topics.
Federally insured
Advantis, like all Oregon credit unions, federally insured by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA), an agency of the federal government. Members' deposit accounts are insured up to $250,000 by the NCUA.
About Advantis
Advantis Credit Union is one of Oregon's largest member-owned financial cooperatives, with over 39,000 members and 5 branches in the Portland area. Membership is open to anyone who lives, works, or is a member of an organization in Benton, Clackamas, Columbia, Hood River, Lane, Linn, Marion, Multnomah, Polk, Washington or Yamhill counties in Oregon, and Clark, Cowlitz, and Skamania counties in Washington. Visit www. advantiscu. org.
For more information, contact:
Claudia Johnson, 503.266.1776
*For the first three quarters of 2008, Advantis ranked first out of an average of 195 credit unions in the U. S. with assets between $250 million and $1 billion for returning financial value to members by Callahan & Associates, a national research and consulting firm. For the fourth quarter of 2008, Advantis ranked third in the nation, but first among credit unions in Oregon within this same asset category.
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