Springfield, Vt.-based One Credit Union has expanded its field of membership to include the entire state of Vermont and four counties in New Hampshire.
The announcement came during the $171 million-asset institution’s 67th annual meeting, held recently at the Capitol Plaza in Montpelier.
“With the required regulatory approvals in place, One CU is now able to meet its growing demand for membership,” Brett Smith, president and CEO of the credit union said in a press release. “Throughout Vermont and our neighboring counties along the Connecticut River in New Hampshire, we will be able to service the financial needs of more people.”
The move into select counties of a neighboring state is similar to a path taken earlier this year by Jacksonville, Fla.-based VyStar CU, which is
Jeff Taft, who serves as chairman of One Credit Union's board of directors, said the credit union is experiencing unprecedented demand from the communities it serves.
One CU’s most recent call report shows more than $65,000 in net income through Q1, but that pales in comparison to the $135,501 earned during the same time period last year. But Susan Zahn, marketing director at One CU, noted that much of the credit union’s income surge in early 2018 was due to a payout from the National Credit Union Administration following the merger of the National Credit Union Share Insurance Fund and the Temporary Corporate Credit Union Stabilization Fund. Zahn said the CU’s auditors explained that even though the funds weren’t received until September, her CU and most others recorded the payout in March.
"We wanted the peer comparatives that our regulators review to reflect a level playing field, and so we also recognized the entire refund in the first quarter. These one-time events enhanced net income substantially,” she said.
