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Greater Central Texas FCU Cuts Expenses; Increases Income to Improve Net Worth
Monday, March 24, 2014 6:45 AM

Educators CU and Texell CU have maintained their superior rating with BauerFinancial Inc., reports the Killeen Daily Herald. And Greater Central Texas FCU ratings increased from the previous period which collected data at the end of September, to join the recommended list.

Earlier this month, the Coral Gables, Fla.-based firm, which has been supplying data on financial institutions since 1983, released its star ratings for Central Texas banking operations based on end-of-year data. Educators CU and Texell CU scored top marks with a 5-star or superior rating. Greater Central Texas FCU increased by one star, the data stated.

Bobby Whitson, CEO Greater Central Texas FCU tells the Leaguer that over the last several years, the credit union has been focused on improving its net worth.

“As a result of the economic recession, we experienced a great deal of losses and that wrecked our net worth,” Whitson tells the Leaguer. “But we’ve worked really hard to get that corrected. We’ve cut expenses and increased income and as a result our net worth is now over 7 percent.”

Now that the credit union is in a strong financial position, Whitson says the credit union is focusing its efforts on bolstering service to members, upgrading its ATM services, and expanding its loan portfolio. The credit union has historically been strong in consumer loans, but Whitson says they want to increase their auto and commercial loan portfolio.

Greater Central Texas FCU is a $22.1 million in assets credit union serving approximately 3,000 members.

Several other Central Texas institutions also earned a 4-star rating, which makes them part of a large group that BauerFinancial recommends using, the Killeen Daily Herald tells readers.

Banks rated 5-star or 4-star (recommended by the firm) now represents 73 percent of the entire industry, while 76.5 percent of credit unions are rated 5-star or 4-star, according to a BauerFinancial news release.

To rank the credit union and banks, BauerFinancial reviews each institution’s assets, capital and income.