It additionally originated extra loans than in any earlier yr, $356.2 million.
“It was the most effective of occasions financially and but, in some methods, it was the worst of occasions as a result of COVID made the whole lot so tough,” stated Scott Johnson, CEO of Group First Credit score Union.
To assist individuals by way of the pandemic, Group First waived charges for, amongst others, late funds and last-minute funds over the cellphone, serving to members by greater than $52,000 a month.
It wasn’t till July 1, at mid-year, and with the COVID vaccine lastly broadly accessible, that Group First reinstated such charges.
It additionally wound down the deferral of month-to-month funds for greater than 4,000 client loans all through 2021.
“Moreover, regardless of a close to zero-interest-rate atmosphere on the deposit facet, we stored our charges greater than almost all different native rivals in order that Members may proceed to earn extra,” added Scott.
Members rewarded the cooperative with an almost $104 million acquire in deposits, $89 million bounce in loans owned by the credit score union, and a $110.4 million rise in property.
With $761.23 million in property, Group First now ranks among the many high 10% of credit score unions by measurement nationally.
