Billion dollar lending milestone helps quantify benefit of membership
Clackamas Federal Credit Union (CFCU) reached a major milestone in 2011 by lending out its one billionth dollar. CFCU estimates that in loaning $1 billion it has saved members $10 million in loan payments had they borrowed from traditional banks.
The one billionth dollar was lent to longtime members Jeffery and Melinda Brown of Milwaukie, Ore., who have had several loans with the credit union. They were excited to hear about the milestone and agree that CFCU loans can save members money. “We have relied on Clackamas for years. We have even financed a couple of homes. The credit union always offers attractive interest rates and has been very easy to work with. It’s a great, great institution. We have sent half a dozen other people to join,” says Jeffery Brown. To help commemorate the occasion, CFCU is giving the Browns an iPad2.
CFCU CFO Andrew Vahrenkamp is excited about the achievement. “To have contributed to $1 billion of dreams come true: homes, cars, education; is truly gratifying. This occasion allows us to reflect on 54 years of serving Clackamas County and to redouble our efforts for our members and our community,” says Vahrenkamp.
About Clackamas Federal Credit Union
Clackamas Federal Credit Union is a not-for-profit, financial cooperative open to membership for people who live, work, worship, or attend school in Clackamas County, Ore. Branches in Oregon City, Milwaukie, Canby, Molalla, Sandy, and soon to be West Linn have been helping members achieve their financial goals since 1957.
100% not-for-profit and 100% member-owned, Clackamas’ mission is to help members succeed, working tirelessly to provide personal service and unique savings that can’t be found at national banks.
Clackamas Federal Credit Union employs 94 people who help manage over $200 million dollars in assets. Despite the slow economy, careful administration of member funds have kept CFCU well-capitalized, assuring the safety of members’ deposits and continuing CFCU’s member-focused programs like free checking. To learn more, please visit www.clackamasfcu.org.
Contacts
Andrew Vahrenkamp
Clackamas Federal Credit Union
503-656-0671, ext. 1900
andrewv@clackamasfcu.org
Luke McMurray
Clackamas Federal Credit Union
503-656-0671, ext. 1205
lukem@clackamasfcu.org