Achieva Credit Union in Dunedin, Fla., said it closed out 2020 with $18.8% asset growth, propelling it past the $2 billion-asset threshold.
Call report data from the National Credit Union Administration shows Achieva earned $9.5 million in 2020, about half of the $19.3 million it earned the year before, due in part to a 7% reduction in interest income and allowances for loan losses more than doubling, to surpass $16 million.
The Paycheck Protection Program contributed to a 38% increase in business lending at the credit union, thanks in part to $39 million in PPP loans. Achieva holds more than $159 million in commercial loans, according to the release, and saw a 74% increase in commercial clients last year as businesses turned to the credit union after having loan requests declined at larger banks.
“In the face of unforeseen conditions, Achieva kept a clear view on our members’ needs,” Jennifer Galley, the credit union’s chief operations officer, said in a press release Wednesday. “We faced urgent needs from all over our communities, whether it was businesses seeking help, teachers needing loans between paychecks, or community nonprofits struggling to keep their programs going. Following the Achieva culture of community, we rose to meet those needs.”
Achieva also donated over $141,000 to nonprofits, schools and other philanthropic causes last year.
Galley added that some of the credit union’s plans for 2021 include expanding its efforts to serve the Hispanic community by adding more resources for Spanish-speaking consumers.
