Award is for lending in the Low-to-Modest Means Category for large credit unions
TAMPA, Fla. – (Nov. 13, 2015) – GTE Financial, one of Florida’s largest credit unions, is one of six credit unions recognized for exemplary lending by CUNA (Credit Union National Association) Mutual Group and CUNA Lending Council. The Excellence in Lending awards were presented at the CUNA Lending Council’s 21st annual conference.
“GTE Financial is particularly pleased to receive the award for low-to-modest means lending, as that is so reflective of our commitment to serving community needs,” says Joe Brancucci, GTE Financial president and CEO. “We are grateful to CUNA Mutual Group and CUNA Lending Council for recognizing what we have accomplished within our communities.”
In recognizing GTE Financial in the Low-to-Modest Means lending category for credit unions with more than $250 million in assets, CUNA Lending Council noted the following:
“Committed to promoting community development, GTE Financial obtained low-income designation and community development financial institution (CDFI) certification to serve the Tampa-St. Petersburg-Clearwater metropolitan area. As a result, GTE Financial received two $1 million grants to provide capital for lending programs to expand auto, home and business ownership. Its five-year goal is to parlay those CDFI funds to more than $330 million in loans to more than 40,000 individuals, $125 million in small business loans, and first credit cards to 25,000 members.”
All affiliated U.S. credit unions were eligible for these awards, with the exception of those that had received an award within the past three years. Applications were evaluated on the credit union’s strategy, programs and performance; and awarded based on the credit union’s ability to serve members while sustaining sound financial performance during 2014.
About GTE Financial:
GTE Financial is a not-for-profit financial cooperative with more than $1.7 billion in assets and 22 Community Financial Centers located throughout West Central Florida and now a virtual Community Financial Center through GTE 3D. Chartered in 1935, GTE Financial is now celebrating its 80th anniversary. GTE Financial is locally owned and operated in the Tampa Bay area, serving more than 240,000 individuals and businesses. More information on GTE Financial can be found at www.gtefinancial.org.