Railroad & Industrial Federal Credit Union recently celebrated a milestone by achieving $300 million in assets as reported on their February 29, 2016 financial statement. With over 31,000 members, eight offices in central Florida and a safe and sound history, the benefit of membership is substantial.
“We’ve worked very hard in recent years to maintain financial strength while rolling out products and services that not only appeal to our current members, but also attract millennials. By reaching this milestone, we will be able to take advantage of economies of scale that $300 million in assets affords, and at the same time continue to meet the service levels our members have come to expect,” said Pete Giorgianni, President and CEO.
The Credit Union achieved this milestone due to steady growth of more than 7% since 2014 when Giorgianni was appointed President and CEO.
Railroad & Industrial Federal Credit Union opened its doors in 1935 with $14 in assets and 14 members. Since that time the credit union has grown to $300,000,000 in assets, 31,000 members, and eight full service branch locations in Central Florida. The road to $300 million has been sure and steady. The Credit Union broke the $50 million mark in 1985, the $100 million mark in 1995 and the $150 million mark in 2005.
The Credit Union serves a defined field of membership. The main focus, as the name suggests is CSX Railroad and its subsidiaries as well as several hundred other large and small companies.
“When I began my career here, we had four offices and one month after I started, we broke the $150 million mark. I have seen many changes and accomplishments through the years, but most recently having come through the recession without layoffs or branch closures makes me truly proud to serve our membership and company groups in a safe and sound fashion.” Said Giorgianni.
About Railroad & Industrial Federal Credit Union.
Established in 1935, Railroad & Industrial Federal Credit Union is a not-for-profit financial cooperative with more than $300 million in assets and 8 Branches located throughout east Hillsborough County and west Polk County. Railroad & Industrial is headquartered in Tampa, Florida and serves more than 31,000 members and over 800 businesses. More information on Railroad & Industrial Federal Credit Union can be found at https://www.rifcu.org.