Columbus-based Centra Credit Union says its total assets reached more than $1.2 billion last year, up nearly 5 percent compared to 2012. At its recent annual meeting, the company also said deposit and loan balances grew in 2013 compared to the previous year.

April 29, 2014

News Release

Columbus, Ind. — Alan Degner, Centra Credit Union's Chairman of the Board, and Douglas Harris, Centra President, addressed a crowd of more than 125 at Centra’s recent annual meeting, reporting solid growth for the Credit Union during 2013. “Banking Anywhere, Anytime” was the theme of the meeting as Centra continues to enhance banking convenience with new technology, new services and the ongoing dedication to delivering world class service. Harris pointed out that Centra strives to be a leader in returning value to account holders, saving Centra members more than $11.7 million in 2013.

Centra's total assets climbed to more than $1.2 billion by year-end 2013, an increase over the prior year of 4.9%. In 2013, Centra also recorded net income of $9.3 million, and a year-end capital ratio of 10.8%, significantly above required capital adequacy levels of 7%. Centra’s deposit balances grew to $1.0 billion, representing 4.8% growth over 2012. Additionally, loan balances grew to $643.0 million, a 10.0% rate of growth over the previous year.

“This strength in capital continues to mean Centra is in a strong position to take advantage of future business opportunities,” noted Harris. “It also means our members' hard-earned deposit dollars are safe at Centra, and we are still ready to serve our communities’ borrowing needs.”

Harris highlighted the $11.7 million in savings, which compared Centra’s rates and fees to the rates and fees of banks in local market areas. The savings came in the form of higher deposit rates, lower loan rates, and lower fees. “That's $181.35 of direct benefit per active household that was retained by our members,” he said. “We are committed to bringing our members the best financial value, to saving them money, and to improving members' lives through financial solutions that work.” As Harris further explained, “The costs of services and fees at Centra are decidedly lower than the majority of banks our members could choose to deal with, and because of our lower operating costs, we were able to deliver $11.7 million in savings to our members in 2013.”

Other notable achievements included several milestones for two philanthropic endeavors spearheaded by the Centra Foundation. The Holiday Giving Project generated $14,000 in donations benefitting less fortunate children, and a grant to the Lifeworks Field of Dreams Playground in Scottsburg provided a community playground with access for disabled children as well.

Special keynote speaker, Gerry Dick, host and creator of Inside INdiana Business television, spoke of current economic growth trends in the communities served by Centra Credit Union. He included a special emphasis on the growth in new technology jobs in Indiana, along with the business opportunities he sees within the Columbus and Southern Indiana market areas. Dick is a highly respected business journalist who has twice been awarded the state’s top honor, the Sagamore of the Wabash.

About Centra

Centra is a community-based, full-service financial institution, serving multiple communities throughout central and southern Indiana, as well as locations in Jamestown, New York and Whitakers, North Carolina. Centra also is part of two nationwide networks: CU Service Centers, which provides an additional 5,000 branch locations throughout the United States – including nearly 200 branches in Indiana, and the CO-OP ATM Network, which provides free access to 30,000 ATMs in the U.S. and Canada. Founded in 1940, Centra provides financial accessibility, affordability, and education for more than 128,000 members through a full range of banking services that include Savings and Checking options, Auto Loans, Mortgage Loans, Credit Cards, Business Loans and Deposits, as well as Financial Management Services. With $1.2 billion in total assets, Centra is the third largest credit union in the state of Indiana and has earned a 5-Star financial rating by Bauer Financial, Inc. – the nation’s leading independent bank and credit union rating and research firm – for 74 consecutive quarters. Centra operates under the member promise of “Centered Around You.”

Source: Centra Credit Union

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