Local credit union reports solid 2017

By on February 20, 2018
Auto loans help local credit union growth

Altura Credit Union reported net income of $10.2 million for 2017, a 30.1 percent year-over-year increase.

Riverside-based Altura also reported assets of $1.2 billion for last year, up 4.9 percent compared with 2016, according to its recent year-end financial report.

“We are very pleased with Altura’s financial performance in 2017,” said Jennifer Binkley, Altura’s president and chief executive officer, in a statement. “We experienced year-over-year increases in total assets, net income, total revenue, total net worth, loan production and member shares, among other measures.”

The largest credit union based in Riverside County performed particularly well in loans last year. Loan balances were up 12.7 percent, and Altura topped its goal for loan production by 17.3 percent.

Automobile loans, one of the most common loans issued by any credit union, exceeded expectations by 13.3 percent, the report stated.

Altura has been based in the Inland Empire for more than 60 years. It serves more than 121,000 members, has 13 offices in Riverside County and is open to anyone who lives, works or attends school in Riverside and San Diego counties.

Residents in some cities in San Bernardino and Orange counties are also eligible to join, as are select U.S. military and government personnel.