LorMet Credit Union Announces 2009 Results
Posted by LorMet Webteam on Thu, Mar 11, 2010 @ 11:20 AM
While so many around the world and in our county are facing financial difficulties, it is comforting to know that LorMet credit union’s conservative business strategies have maneuvered successfully through 2009. LorMet’s capital position is in the top 10% of all Federally Insured Credit Union’s in the United States.
Recessions are nothing new. We were founded in 1936, a year prior to the recession of 1937, which was considered among the worst recessions of the 20th century. LorMet has weathered the peaks, and valleys, of many economic calamities since 1936, through the proactive calculations and plans from the board of directors and management.
The principles that have guided us through the turmoil of the past few years are the same principles that have lead us through the sporadic economic challenges in the past seven decades – conservative values, strategic growth strategies and sound lending practices.
While other institutions have been financially besieged by the volatile real estate market, subprime lending and aggressive business Loans, the Lorain County community recognized LorMet’s stability and strength by joining and opening new accounts. Our share account deposits increased by $17 million in 2009.
In 2009, LorMet acquired a vacant former bank branch in Oberlin, which is slated to open this May as a strategic LorMet branch location.
In 2009, while banks conspired to acquire bailout money to bolster their liquidity, LorMet credit union was busy capitalizing on record lending the first three quarters. Although our conservative practices and growth strategies positioned us to weather this dismal economic environment, the global nature of this recession has affected Federally Insured credit unions like no other recession before. Today, there are over 8,000 federally insured credit unions serving over 92 million members with total assets of $833.7 billion dollars.
We were founded in a recession, and we have maneuvered through eight recessions since 1936. We have bolstered our financial statements for the past 74 years to carry us through times like this. We have seen it before, and we’ll see Economic Downturns Again. Despite the challenging economy, LorMet credit union continues to lead the industry in Fiscal Management, Member Service, Financial Products, and Sound Growth Strategies. We will forge ahead in 2010 maintaining our safe conservative business strategies.