Texas Trust Credit Union Had Strong Year in 2023, Despite Economy's Challenges

ARLINGTON, Texas - March 25, 2024 - PRLog -- Despite the economy's financial challenges in 2023, Texas Trust Credit Union recorded a strong year, achieving its highest membership levels ever and holding steady in assets, loan growth, and deposits.

In its annual report, timed for the credit union's March 21 annual meeting, Texas Trust detailed the accomplishments of the past year, and described the challenges that it faced in continuing its mission of building brighter financial futures for its members.

"What made it so challenging," said Jim Minge, CEO of Texas Trust, "was the combination of the Federal Reserve's interest rate hikes combined with continued inflation. We know that this impacted our members in many ways as most drew down savings, put off major purchases, and looked for ways to access loans to help them through a tough year."

Still, Texas Trust was able to grow its membership to more than 137,000, reflecting 18 percent growth over the past five years. The credit union's total assets stood at $2.03 billion, up 64 percent in five years. Loans stood at $1.54 billion – 67 percent higher than five years ago – and deposits were also at $1.54 billion, up 57 percent in five years.

Minge noted that Texas Trust last year saw the most robust growth ever in certificates, with $83.5 million in new certificate balances, a 27 percent increase over 2022. He also pointed to more than 47 percent growth in signature loans and 30 percent growth in the Mastercard portfolio.

Other notable accomplishments in 2023 included opening of a new Texas Trust branch in Pantego, establishment of a new location in San Angelo, and the launch of a new website.

Texas Trust Gives Foundation, the credit union's charitable arm, ramped up its giving to local communities in scholarships, grants, and employee volunteerism in 2023. The foundation recorded more than $266,000 in total giving, with $156,000 in grants, $74,000 in scholarships, and more than $36,000 in donations.

Washima Huq, Executive Director of the Texas Trust Gives Foundation, noted that since its inception five years ago, the foundation has given half a million dollars back to local communities.

About Texas Trust Credit Union
Texas Trust Credit Union (http://www.TexasTrustCU.org) has been helping build brighter financial futures since 1936. Today, the full-service credit union serves more than 137,000 members. With assets of more than $2 billion, Texas Trust is the 7^th largest credit union in North Texas and the 18^th largest in Texas. With a focus on the community, Texas Trust is creating a legacy of giving through generous financial donations that support local school programs and activities, non-profit organizations, and student scholarships; and by providing volunteer resources through its Community Unity team, which supports scores of charitable events each year.