Centra Credit Union executives touted solid financial growth and a move toward technology that will enhance banking convenience at the company’s recent annual meeting.
Total assets for Columbus-based Centra rose to $1.2 billion by the end of 2013, an increase of 4.9 percent over the previous year. Deposit balances increased to $1 billion, a 4.8 percent growth over 2012, and loan balances rose to $643 million, which was a 10 percent rate of growth.
Centra also recorded net income of $9.3 million and a year-end capital ratio of 10.8 percent, above the required capital adequacy ratio of 7 percent.
The capital adequacy ratio is a measure of a bank’s capital that is expressed as a percentage of its risk-weighted credit exposures.
“This strength in capital continues to mean Centra is in a strong position to take advantage of future business opportunities,” Centra President Douglas Harris said. “It also means our members’ hard-earned deposit dollars are safe at Centra, and we are still ready to serve our communities’ borrowing needs.”
The theme of the meeting “Banking Anywhere, Anytime,” focused on the increased use of technology, including a mobile application for smartphones and text banking services and alerts.
Harris also emphasized Centra’s focus on returning value to account holders, which he said saved its members more than $11.7 million in 2013.
“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,” Harris said. “The cost of services and fees at Centra are decidedly lower than the majority of banks our members could choose to deal with.”
About Centra Credit Union
Locations: Centra Credit Union has four locations in Columbus, where it is based, plus nearby branches in Walesboro, Edinburgh and North Vernon. It has 12 other Indiana locations. Centra also has two branches outside of Indiana, one each in New York and North Carolina.
Employees: More than 285
History: The name of the credit union, founded in 1940 by eight Cummins Inc. employees, became Centra Federal Credit Union in 1995. It became state-chartered in 1997 and is known today as Centra Credit Union.