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AEFCU Reports Strong Financial Performance Through Q3 2017

American Eagle Financial Credit Union, the state’s largest community credit union, reported strong financial performance for the three quarters covering January 1, 2017, through September 30, 2017.

  • Membership grew by 15,544 or 11.9% to 129,995.
  • Assets rose by $38.7 million or 3.4% to $1.57 billion.
  • Deposits increased $31 million or 3.1% to $1.39 billion.
  • Loans increased by $131.4 million or 14.8% to $1.32 billion. The majority of growth is attributed to strong consumer loans (auto and personal) and residential mortgages.
  • Reserves, which help protect the Credit Union against economic uncertainty, rose $7.62 million or 7.3% to $146.4 million. Reserves comprise 9.3% of AEFCU’s assets.

Enhancements to 24-hour Electronic Services
In addition to the positive financials, the Credit Union bolstered its electronic services with additions including mobile wallets (Apple Pay™ Android Pay ™, and Samsung Pay™), EMV chip debit cards, an online bill pay system upgrade, a Video Teller Machine at the East Hartford branch, and a mobile app (SecurLOCK Equip) that allows members 24/7 control of their AEFCU debit and credit cards.

“It has been a productive three quarters of 2017 in which the Credit Union made positive financial growth and technological improvements for the betterment of our members,” said American Eagle Financial Credit Union President & CEO Dean Marchessault. According to Marchessault, these actions have improved the overall member experience by making it easier for members to conduct day-to-day business with the Credit Union, while keeping safety and security at the forefront of all member interactions. “We look to build on that momentum through the fourth quarter of 2017 and continue into 2018,” added Marchessault.

American Eagle Financial Credit Union is a not-for-profit financial cooperative based in East Hartford, Connecticut. It is the largest community credit union in Connecticut with assets of $1.6 billion, 130,000 members, and 17 retail offices. The Credit Union offers financial products and services to everyone who lives, works, worships, or attends school and businesses in Hartford, Middlesex, New Haven, and Tolland counties in CT. The Credit Union was founded in 1935 by employees of Pratt & Whitney Aircraft. Member deposits are federally insured up to $250,000 per account by the National Credit Union Administration (NCUA), a U.S. government agency.