MSUFCU Experiences Loan Growth of 10.23% Over Previous Year
EAST LANSING, MI—As part of its mission to assist members in achieving their financial goals, and ultimately, their dreams, MSU Federal Credit Union continues to provide a variety of loans to its members and holds a consumer loan portfolio of $1.41 billion as of May 31, 2013, a 10.23% increase over MSUFCU’s consumer loan portfolio a year prior on May 31, 2012. The largest growth in consumer loans took place in MSUFCU term loans and lines of credit, which includes vehicle loans, with a 13.78% increase over the previous year. Mortgage loans also experienced a substantial increase, with 13.07% growth over the previous year.
Patrick McPharlin, MSUFCU’s President and Chief Executive Officer, commented, “At MSUFCU, we are proud to provide low-cost loans to help our members achieve their dreams. Be it a first home, a study abroad experience, or the consolidation of high-rate debt from another financial institution, our members’ trust in MSUFCU to provide them with resources to achieve their dreams continues to grow. MSUFCU strives to offer our members a friendly and efficient experience and provides a variety of low-cost loans to ensure we meet our members’ needs.”
MSUFCU’s consumer loan offerings include mortgage and home equity loans, vehicle loans (including boats, motorcycles, RVs, and motorsport vehicles), and a variety of fixed-term loans, lines of credit, and Visa credit cards. MSUFCU also offers loans, lines of credit, and a Visa credit card option for its business accountholders.
MSU Federal Credit Union, the world’s largest university-based credit union, offers a full range of personal- and business-related financial services to Michigan State University and Oakland University faculty, staff, students, alumni association members, and their families worldwide in addition to a variety of select employee groups. Founded in 1937 by a few MSU professors and employees, MSUFCU now has twelve branches, over 175,000 members, more than $2.4 billion in assets, and over 515 employees.