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Las Colinas FCU CEO Comments on Irving Ranking 2nd in Top Most Recession-Recovered Cities
Tuesday, August 5, 2014 6:55 AM

For many American cities, the Great Recession is nothing more than a distant shadow of a troubled economic past. The longest downturn since the Great Depression officially ended five years ago, and cities across the country have more than fully recovered. Some in fact have even surpassed their pre-recession economic levels, thanks to lucrative industries that either sprouted from the ground post-recession or kept cities afloat through the crisis.

WalletHub compared the 150 largest U.S. cities to identify those that have experienced the most and least growth since the recession. They used 18 essential metrics — from the inflow of college-educated workers and number of new businesses to unemployment rates and home price appreciation — to examine how each city has evolved economically in the past several years.

According to WalletHub, Laredo, Texas ranks number one in its top 10 list of cities that have most recovered from the recession. Coming in second is Irving, Texas.

Las Colinas FCU CEO Craig Hurst isn’t surprised by Irving’s ranking.

“Irving is located near two major airports and we are home to a number of Fortune 500 companies,” he tells the Leaguer. “There is also a great deal of new development occurring in the north side of the city.”

Exxon, Verizon, Microsoft and Zale Corporation are but a few of the companies headquartered in Irving. And with more industries moving into the city, and new multi-family and single family construction occurring, Hurst says they are seeing an influx of new people to the community, and this is good for the credit union. 

“It’s been a difficult few years for us, but I am optimistic about our future. In the last year [from June 2013 to June 2014], we have experienced a five percent increase in membership, and a 16.5 percent increase in loan growth,” Hurst notes.

Las Colinas FCU is a multi-SEG credit union. They have four branches – three of these branches are located in the buildings of their sponsor companies and one is a stand-alone branch. The credit union is also present in four area schools and is about to open its 5th in-school branch. Additionally, Hurst says they offer ATMs and online banking, and participate in shared branching.

“We don’t currently offer a mobile banking app, but it is on our wish list,” he adds. “We want it yesterday, but cost has been our biggest deterrent.”

With just $65 million in assets, Hurst says competing with the larger institutions can be a challenge, as is keeping up with the onslaught of new regulations, but instead of focusing what they can’t do, they focus on what they can do well.

“When someone calls our credit union, they aren’t greeted with an automated phone system. We have someone that answers the phone,” says Hurst. “We offer a good product and great service.”

Other cities within the Cornerstone region to make the top 50 list include:

5. Dallas, Texas
6. Corpus Christi, Texas
8. Lubbock, Texas
9. Garland, Texas
11. Tulsa, Okla.
13. Amarillo, Texas
17. Brownsville, Texas
19. Houston, Texas
26. Grand Prairie, Texas
30. Fort Worth, Texas
31. Oklahoma City, Okla.
43. El Paso, Texas
45. Austin, Texas
46. Arlington, Texas
48. Plano, Texas
49. San Antonio, Texas

Click here to read the Methodology section at the end of WalletHub’s study for a more detailed description of how they ranked each city.