Texas Trust Supports Double-Digit Growth

ARLINGTON, Texas–Texas Trust Credit Union is reporting outstanding growth  during 2021, with total assets, loans, and deposits all increasing at a double-digit growth rate in 2021.

Among the performance metrics:"

• Total deposits. Total assets for Texas Trust climbed by 15%, continuing the strongest growth in years and building on the 2020 growth rate of 16.3%. Over the past four years, the credit union has seen assets grow from $1.22 billion to $1.8 billion, more than 47%.
• Loans. With powerful loan growth of 14.7% in 2021 on top of 18.7% growth in 2020, Texas Trust ended the year with $1.3 billion in outstanding loans. That represents a four-year growth of 43.5%.
• Deposits The amount of deposits grew 11.8% in 2021, again building on a 16.9% growth rate in the pandemic-impacted year of 2020. Texas Trust’s deposits stood at $1.47 billion at the end of 2021. That is more than half a billion dollars more than at year-end 2017, a four-year growth rate of 52%, the credit union said.
• Membership. Texas Trust added almost 11,000 members during 2021, growing its total membership by 8.8% during the year. That is the greatest growth the credit union has seen in years, and represents a four-year growth rate of 16.3%.

"In our view, 2021 is the year that we at least began to return to normalcy,” said Jim Minge, CEO of Texas Trust. “But it was still an anomalous year because we had so many members with excess cash from the stimulus checks they received. Where we saw the effect of that was in certain lending categories. Our overall lending was up and strong, but there were large variations in some types of lending.”

One area where lending was way up, Minge explained, was in pre-owned vehicles. “With new auto production down due to supply chain issues and the prices of pre-owned vehicles climbing steeply, we logged record numbers in the used vehicle category.”

"We moved beyond such a strong reliance on credit scores and looked at each individual loan application on its own merits. One thing the pandemic made much clearer was that bad things financially can happen to good people. We recognized this and adjusted accordingly.”

That was just one of the changes that Texas Trust implemented in 2021 that Minge said he believes will make for an even stronger year this year.

“More than ever, we now look for ways that we can truly help members who need it. This is an ongoing mission, that involves more than just altering our lending guidelines. It means meeting our members when and where their needs are greatest.”