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United Federal Credit Union Reports Asset, Deposit Growth in Q1

ST. JOSEPH, Mich. – United Federal Credit Union announced that total assets grew 2.3% in the first quarter of 2019 when compared to the fourth quarter of 2018. Total assets reached $2.85 billion by the end of the first quarter.

Total deposits also grew by 6.4% in the first quarter—an increase of $128.6 million compared to the fourth quarter 2018. Meanwhile, total membership grew by 1,150 to over 175,000, which is a 4.4% increase from one year ago.

“We are very happy with the results from the first quarter,” said Chief Financial Officer, Michael Ruchti. “It shows that United is a strong credit union that does right by our Members by offering competitive rates on deposit products, and that we are a trustworthy financial institution for people in the communities we serve. Our incredible team delivers each day on our promise to listen to Members and build relationships through first-class service and solutions.”

The credit union achieved the growth while also decreasing operating expenses by 2% when compared to the fourth quarter 2018.

“The growth we have seen is a result of managing our Members’ money correctly and putting their best interests first,” said Ruchti. “This is a total team effort by the employees at United.”