Your Credit Union, In the Spotlight
Thanks to all of you who joined us for our annual meeting on Monday, May 15. For those who weren’t in Tupper Lake, here's a brief recap of the message we shared.
- We continued to grow in 2022: Our loan portfolio grew 5%, net worth increased 7.5%, and we added 434 members. Overall assets increased 3%, to $81 million. This is faster than the national average; in 2022, median asset growth among federally insured credit unions was 1.3 percent, according to the National Credit Union Administration.
- Much of our strength in lending came from commercial and small-business loans. In 2022, our portfolio reached $6.2 million, a 45% increase from 2021, when it was $4.3 million. These loans have helped businesses expand into new locations, add staff, purchase new equipment and vehicles and add needed services
- As our members build their businesses, they add to the economic vitality of their communities. We're proud to play a role in that. Adirondack Regional FCU is firmly rooted in northern New York, and we're dedicated to helping our region thrive. (Community support is at the heart of what it means to be a credit union. Last year, we sponsored 10 community events and gave $25,000 in college scholarships and donations to local non-profits.)
Despite rising interest rates, we are optimistic about our opportunities to expand our commercial loan portfolio even more in 2023. Part of that reason is because our customers and members enthusiastically recommend us to their friends and family. We hear it often: Where other financial institutions make it hard for small businesses and entrepreneurs to find the capital they need to grow their businesses, Adirondack Regional FCU makes it easy. That means working with members to identify solutions that meet their needs and avoiding some of the red tape you may find at other institutions.
Thank you for your continued membership.