HOUSTON, April 6, 2005 (PRIMEZONE) -- Smart Financial Credit Union, a Houston-based, full-service financial services provider with more than $277 million in assets, recently hosted their annual membership meeting to address the financial status of the credit union.
Smart Financial executives were pleased to report that 2004 continued a growth trend in several significant financial categories, including total assets, membership and total loans outstanding.
"As the economy continued to recover in 2004, our balanced growth strategy of increasing both our loan and deposit base represented the right tactic for Smart Financial," commented Gary Tuma, President and CEO of Smart Financial Credit Union. "Based on our commitment to exceptional member service, financial expertise, product quality and customer satisfaction, we expect our growth pattern to continue."
In 2004, Smart Financial increased its total assets to $277.3 million, representing a 5.6 percent increase over the 2003 figure of $262.5 million. Over the past five years, Smart Financial has seen its total asset figure soar nearly 33 percent, growing from $208.6 million in 2000.
Total loans outstanding increased 11.4 percent and by $23 million this past year, jumping from $202 million in 2003 to more than $225 million in 2004. Since 2000, Smart Financial's total loans outstanding have risen 25 percent from $180 million.
Smart Financial also gained more than 1,200 new members in 2004, bringing its total membership to 83,587, despite the credit union aggressively closing numerous accounts due to dormant status or inactivity.
"Our management team, Board of Directors and staff are dedicated to making Smart Financial Credit Union an industry leader -- and our numbers prove it," continued Tuma. "While we saw significant changes and key accomplishments in 2004, projections for 2005 indicate a banner year."
In 2004, Smart Financial altered its corporate identity, beginning with a name change from First Educators Credit Union. While keeping its educational background, the new corporate identity increases membership potential throughout the Houston market.
Last year, Smart Financial also expanded its field of membership, which determines membership eligibility, by accepting any of the 4.5 million people who live, work or attend school in the Harris and Montgomery Counties.
To meet the growing needs of members in Conroe, a new, state-of-the-art office location was opened in November 2004.
"Since 1934, the most important factor in our success continues to be membership support," said Tuma. "And to sustain this tradition, Smart Financial Credit Union will continue to deliver outstanding service to our members."
-- A complete copy of Smart Financial Credit Union's annual report is available upon request.
About Smart Financial Credit Union
Smart Financial Credit Union, formerly named First Educators Credit Union, is a Houston-based, full-service financial services provider with more than $277 million in assets. Established in 1934, Smart Financial Credit Union today serves a diverse field of more than 83,500 members, including Houston-area educators, employees of more than 700 private companies and residents of Harris and Montgomery Counties. Since 1998, Smart Financial Credit Union has experienced a 32 percent increase of membership growth. The 70-year-old institution delivers thoughtful banking to its members through seven Houston-area office locations. For more information, please visit www.smartcu.org.
The Smart Financial Credit Union logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1520