LongIsland.com

Bethpage Reports Record Growth for 2011

Written by Lynn Bishop  |  18. January 2012

Bethpage Federal Credit Union, New York State's largest credit union and Long Island's leading community financial institution, reports record income and growth across all categories for 2011, according to President and CEO, Kirk Kordeleski. Year-end results include record net income of $41 million and deposit growth of $450 million (13%). Bethpage had remarkable success in 2011. We achieved record income while giving our members the best rates, lowest fees and world class service, said Kirk Kordeleski, President and CEO, Bethpage. Many of the increases exceeded projections, with net income, deposit and loan growth demonstrating our continued track record of growth and expansion. For 2011, amid the overall housing downturn and economic slowdown, Bethpage funded $1.450 billion in loans, a 7.5 % increase compared to 2010. Loan production included mortgages, consumer loans, business lending and commercial real estate. Bethpage's success in lending can be attributed to record low interest rates and growing consumer awareness of credit unions for all of their banking needs, says Kordeleski. Kordeleski continues, deposit growth was equally strong as consumers and businesses turned to Bethpage for greater value. As banks announced fee increases, Long Islanders realized that credit unions like Bethpage offer better rates and lower fees. A record number of new checking accounts (23,000) were opened at Bethpage in 2011, a 29% increase compared to 2010, partly led by the recent Bank Transfer Day nationwide movement and banks' new checking account related fees. In addition, new membership grew by almost 27,000 or 19% more than the previous year's growth, for a total membership of 196,000. 2011 presented Bethpage with an unprecedented opportunity to tell the world about the Bethpage credit union difference as significant changes took place in the banking arena, asserts Kordeleski. Unlike banks, Bethpage is a non-profit financial cooperative that operates solely for the benefits of its members, offering the best rates on Long Island and unparalleled service. We will continue to support our growing membership and local community, sharing the valuable options we provide. Bethpage opened three new branch locations in 2011 including its newest bilingual branch in Patchogue, for a total number of 25 branches by year's end. Bethpage is in the midst of an aggressive branch expansion plan with four new Bethpage branches slated for 2012. In the ten years since Bethpage received its community charter to serve all Long Islanders, it has grown to become the largest credit union in New York State in terms of assets. Bethpage Federal Credit Union is a not-for-profit financial cooperative, existing solely to serve its members and has experienced rapid growth in recent years to become a strong alternative to banks. Bethpage was approved for the largest federal community charter in the U.S. in 2003 and now is Long Island's largest credit union and leading community financial institution with over 196,000 members, 25 branches and 60 shared service center locations throughout Nassau and Suffolk Counties. As a financial cooperative, Bethpage offers better rates, lower fees and a full menu of personal and commercial financial services. Bethpage maintains branch locations in Bay Shore, Bay Shore King Kullen, Bethpage, Central Islip, Commack King Kullen, Elmont, Farmingdale, Freeport, Glen Cove, Hempstead, Huntington, Levittown King Kullen, Lynbrook, Massapequa, Melville, Mineola, North Babylon, Patchogue, Port Jefferson, Riverhead, Seaford, Smithtown, Roosevelt and Westbury with over 350 surcharge-free ATMs in King Kullen, 7-Eleven, Walgreens and Costco locations throughout Long Island. For more information, call 1-800-628-7070 or visit www.lovebethpage.com.

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