Release Date: January 27, 2010
FOR IMMEDIATE RELEASE
Corning Credit Union Announces 2009 Results
Corning Credit Union recently announced its results for 2009, with earnings for the year reaching $5.1 million.
Deposits increased a record 21 percent over 2008 and finished the year at $674 million.
Total loans also increased during the year, ending 2009 at $533 million. Residential mortgages and commercial loans were large contributors to this growth with more than $168 million in closed mortgages and more than $23 million in closed business loans.
"2009 marked our thirtieth consecutive year of sustained profitability and growth," said Gary Grinnell, President and CEO. "Our financial strength allowed us to help record numbers of members refinance their mortgage loans and save money. We also grew our business loan portfolio by 56 percent, demonstrating our continued support of members who own and manage small businesses. We are thankful for the loyalty of all of our members who continue to put their faith in CCU as a safe haven for their deposits and as a trusted source of financial advice during these uncertain times."
