Service Credit Union reaches $2 billion asset mark

Service Credit Union reported that total assets surpassed $2 billion earlier this year along with a record-high worldwide membership of more than 164,000.

Service Credit Union opened its first branch location in January 1957 on Pease Air Force Base in Portsmouth, New Hampshire. At that time, eight men signed an agreement to establish a credit union to provide affordable financial services and credit to the soldiers and their families stationed on base.

Since that time, Service Credit Union’s mission has remained the same. Being a member-owned cooperative means profits are returned to the members in the form of higher deposit and lower loan rates.

Most of the credit union's growth was achieved over the past 18 years. During that time, assets grew from $282 million to the current level of $2.08 billion, or more than 600% increase in just under two decades. This exceptional growth was fueled by both strong member loan and deposit demand along with Service Credit Union offerings of state-of-the-art technology and unparalleled 24/7 Live Person Service.

“Growth like we have experienced is only possible with the support of our loyal members, who continue to believe in what Service Credit Union has come to stand for, that is, exceptional product and service delivery. Our members continue to spread the word throughout the communities we serve, and we thank them for their support,” says Gordon Simmons, President/CEO of Service Credit Union. “Our volunteer Board of Directors and other committee volunteers have also had a tremendous impact on shaping the credit union's growth, and I am truly grateful for all their efforts. The focus of our credit union's staff has been that of commitment and rendering exceptional member service.”

Simmons also credited the credit union’s philosophy of focusing on people, not profit. “We maintain the focus that each member is a person, not a number, and each member’s needs are unique,” added Simmons.

Service Credit Union is a full service financial institution, offering a wide range of financial products to its members.  With 38 branch locations including two staffed 24/7 contact centers, and full online banking services, Service Credit Union serves anyone who lives or works in New Hampshire (excluding Coos County), 4 towns in Cape Cod, MA., and all branches of the U.S. Military and Department of Defense employees and their families. With over $2 billion in assets, Service Credit Union has 21 branches in New Hampshire, one in Massachusetts, and 16 branches on U.S. military bases in Germany.