Town & Country Federal Credit Union reported Tuesday that it surpassed $400 million in assets during 2019, one of several growth highlights for the year.
The Scarborough, Maine-based institution saw asset growth near 10% last year, the credit union reported Tuesday, while loans rose by 5% to surpass $360 million in outstanding balances. Deposit growth was also strong, rising 15% to $354 million at the close of Q4. Membership was up by nearly 3%, with almost 1,100 consumers joining last year for a total of 39,791 members. Net income was up nearly 10% to $2.48 million.
“The strong growth in assets and deposits, as well solid loan and membership growth highlights the fact that 2019 was a really positive and productive year for Town & Country, our members and the communities we serve,” President and CEO David Libby said in a press release. “I am also proud that we had another strong year of engagement and support of our local communities through nearly $150,000 in contributions and thousands of hours of volunteer time to close to 200 local non-profits and causes.”
T&C also touted saving members nearly $10 million with better rates and fees throughout 2019.
While the past year was a success, Libby said the focus has turned to 2020 “and continuing to pursue innovative opportunities to better serve and engage our members, as well as new initiatives dedicated to the financial wellness of our members and the communities we serve.”
One additional highlight from last year: Town & County FCU landed a spot on 2019’s
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