(LAKE JACKSON, TX) — Due to growing consumer confidence in making large purchases such as automobiles, recreational vehicles and home appliances, TDECU’s Indirect and Merchant Lending Services experienced record growth in the first three quarters of 2012. This growth, coupled with a demand for its services in Houston’s metro area, has spurred TDECU to expand its footprint in the region.
Overseeing the division’s growth and expanding footprint is Chuck Smith, TDECU’s Vice President of Indirect Lending. Smith joined TDECU in January 2012 following an 18-year career with San Antonio Federal Credit Union. Under Smith’s leadership, production in TDECU’s indirect auto lending is up by 48 percent year-over-year with a portfolio balance of $402 million. It is on track to be the biggest production year in the history of the program. In Merchant Lending, production is up by 33 percent with a portfolio balance is up to $26 million. Production in the specialty products category is up 133 percent year-over-year with a portfolio balance of $15 million.
In Houston alone, where TDECU is focused on bringing more of its services to Member-Owners, following a merger with two area credit unions, indirect lending has grown 50 percent year-over- year. Smith attributes the tremendous growth to consumer’s pent up demand for goods following a slowing of the economy.
“Consumers had been cautious about spending and put off making large purchases, but with signs of a moderately growing economy and attractive financing, they are ready to spend and we’re ready to help them get what they want,” said Smith. “We’re committed to providing our Members, and the dealers and merchants we partner with, the best products and services available in the marketplace.”
Additionally, to ensure that Members continue to receive the stellar customer service that TDECU is renowned for, Smith stated employees have been added to the Indirect Lending and Merchant Lending division. The division has grown by 20 percent in 2012 to assist Members, merchants and dealers.
Smith added, “We have great people at TDECU. They view their biggest priority as delivering a quality of service and a portfolio of products that serve the community at large.”
About TDECU
Founded in 1955, TDECU is a not-for-profit financial cooperative with 170,000 members and more than $2 billion in assets. TDECU currently has 32 service locations, including 25 branches, and offers a complete selection of convenient, innovative, and competitive products and services, including a full suite of deposit products as well as mortgage, auto and personal loan products, online and mobile banking. TDECU also offers, through its subsidiaries, retirement planning and wealth management, personal and business insurance products, and full title and realty services. Members can also access a nationwide network of over 50,000 surcharge-free ATMs. For more information visit TDECU.org or call 800.839.1154.