Oak Ridge, Tenn. – On the heels of a monumental year of growth that included a 15 percent increase in its consumer loan portfolio and a more than 12 percent growth in all loans, including mortgage, consumer and business, ORNL Federal Credit Union (FCU), East Tennessee’s largest credit union, today announced it has entered into an agreement to purchase land with the intention of opening a new full service branch in 2014. To be located in Northshore Town Center, the new branch – ORNL FCU’s 33rd branch – will provide a full suite of services and greater convenience to ORNL FCU’s membership of approximately 157,000.
“We are very pleased to be making this expansion announcement as it will allow us the opportunity to better serve and bring increased value to our members,” said Chris Johnson, President and CEO. “We have a very dedicated staff and board of directors who have worked hard to make this expansion a reality, and since we are member-owned, our focus is on delivering solutions to our members, rather than making money for stockholders.”
According to Johnson, in the past 13 years ORNL FCU has tripled its assets – from $450 million to $1.43 billion – and more than doubled its membership. Over the past 10 years, it expanded to serving 16 East Tennessee counties, a demographic region with a little more than one million in population. Additionally, because of its size, ORNL FCU has been able to grow through offering services to peers. In 2006, the credit union created a service organization, called CU Community, which provides mortgage services to other credit unions.
For more information on ORNL FCU, visit www.ORNLFCU.com.
ORNL Federal Credit Union is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. Established in 1948 with 10 founding members, ORNL Federal Credit Union’s assets have grown to over $1.43 billion and membership has grown to over 157,000. Open to all businesses and anyone who lives, works, worships, or attends school in the 16 counties of Central East Tennessee, ORNL Federal Credit Union currently serves members in 32 branches located throughout Anderson, Blount, Campbell, Hamblen, Knox, Loudon, Monroe, Roane, Sevier and Union counties.