Winston-Salem, NC- Members Credit Union (MCU) has announced the one billionth dollar lent in the credit union’s 54 years of operation. The $14,800 loan that pushed the credit union past this milestone was opened by Jamestown, North Carolina’s Olayinka Odufuwa. As a “Thanks a Billion” award, MCU will forgive the interest on this loan for the remainder of 2007.
“Our mission defines the significance of this milestone,” comments MCU President/CEO, Jack V. Braswell, Jr. “One billion dollars in loans is much less a measure of financial impact than it is a measure of members served. Today we celebrate the many lives we have touched and enhanced since our founding in 1953.”
One of those members served is Odufuwa, who recently took advantage of MCU’s 5.75% automobile loan rate. The forgiven interest will save her an additional $341.00 in interest this year alone.
“When I moved to MCU from Wachovia, I was paying $305 each month for my car,” explains Odufuwa, an employee of Banner Pharmacaps in Greensboro. “My payment is down to $265, and now this! This is great for me!”
Members Credit Union has hit a number of milestones in the past twelve months, including $200 million in assets, $100 million in loans outstanding, and the opening of its seventeenth branch location.