Senate Credit Union Hits $300 Million Mark

Posted April 18, 2003 at 11:53am

The Senate Federal Credit Union announced Thursday that its assets have reached $300 million, placing it among the top 5 percent of the nation’s federally insured credit unions.

The new total marks a growth of 50 percent during the past two years, when the credit union passed the $200 million level.

“Members are bringing more funds to the credit union than they have in years past. So the average balance each member keeps here has increased,” said credit union spokesman Robert Klonoski. “And the number of members has gone up.”

The credit union now claims a membership of 31,115, up from 29,882 in March 2002.

Founded in 1935, the credit union reached the $100 million level in 1992, the same year it merged with the General Accounting Office Federal Credit Union. It reached the $200 million mark in 1998, passing that level two years ago.

National Association of Federal Credit Unions spokesman John Zimmerman called the $300 million figure “significant,” and said it would place the credit union among the top 5 percent of the 9,500 federally insured credit unions.

“In growing, credit unions are better able to diversify their membership,” Zimmerman said, adding that growth creates more stability for the credit union and allows it to better compete with banks.

Only a handful of credit unions in the country claim more than $1 billion in assets, Zimmerman said, and the largest, the Navy Federal Credit Union, far outpaces any other with $17.5 billion.

The Senate credit union will host its annual meeting from 6 to 8 p.m. April 23 in Room 902 of the Hart Senate Office Building.

Election results for the credit union’s board of directors will be announced at the meeting. Voting ended April 18 for two of the board’s seven seats.