Crane Credit Union reported jumps in its membership and assets while its earnings took a hit.
The Odon, Ind.-based institution said on Monday that as of the end of the first quarter it had 50,881 members, up more than 2% from the fourth quarter, and assets totaled about $620.6 million, an increase of almost 6%.
Membership grew by 9.4% over the past 12 months while assets climbed by 11% over that period.
Michael K. Hostetler, assistance vice president of marketing, told Credit Union Journal that the increase in membership has been “driven by a cost-efficient, strategic marketing approach to potential members who are most likely to do business with the credit union.”
Hostetler added that the “positive experiences” of the credit union’s membership have made them “extremely loyal and have led to net membership growth every month for the past two years.”
Crane posted net income of about $1.5 million for the first quarter of 2019, a 5.8% decline from the first quarter of 2018. Its noninterest expenses increased almost 4%, to roughly $4.4 million, from a year earlier.
According to the credit union’s call report, total loans and leases outstanding amounted to about $455 million as of March 31, a 13.6% increase from the year-ago period.
