Joyce R. Jones
GenFed Financial Credit Union
Overall, Ohio credit unions originated $3.5 billion in consumer loans, or 9 percent growth in 2011. GenFed enjoyed loan growth at 12 percent and we expect more of the same in 2012. Despite competition returning to the market, auto loan market share for Ohio credit unions continues to improve. Many of GenFed’s new loans are need-based and conservative in amounts, with more used vehicle borrowing than new. Used auto loan balances in Ohio increased 9.2 percent annually, but new auto balances only rose 1.2 percent.
We recognize that unemployment claim stats don’t fully reflect the economic environment big picture since people that have given up their job search or have even retired earlier than anticipated are not included. We can’t count on increased loan demand based on reported slight improvements in the jobs number but accomplish continued growth by increasing community involvement and earning customers’ trust. We also spurred growth by opening our charter last year, allowing service to anyone from Summit and Medina counties. Additionally, GenFed bases credit decisions on an individual’s entire character rather than just their credit score or history, allowing us to help more members and our communities.