We are pleased to report that 2023 was another outstanding year for the IU Credit Union. Thanks to the ongoing support and loyalty of our members and dedicated staff, we achieved a number of significant financial results.
Key accomplishments in 2023 include creating a debt protection program to be implemented in 2024; implementing SavvyMoney, which provides members access to credit scores and personalized loan offers within our mobile banking app; enhancing our disaster recovery infrastructure; and implementing a new loan approval system, which will expand availability of credit while enhancing the member experience through faster loan processing.
IU Credit Union has an unwavering commitment to community involvement and support. We are proud to annually provide more than $300,000 in sponsorships and financial contributions to our community. Through our scholarship program, we awarded more than $40,000 in financial assistance to college students. Additionally, IU Credit Union and its employees contributed a record $45,983 to the local United Way Campaign.
We thank our members for voting IU Credit Union as “Best Credit Union” and “Best Mortgage Lending Company” in the Herald-Times Best of Btown!
IU Credit Union achieved impressive financial results in 2023.
Total retail loan balances increased $57 million. We remained a leader in real estate lending and originated $103 million in residential mortgages. Total real estate balances increased $27 million. Total business loan balances increased $72 million. Combined, these results produced loan growth of $128 million, with total balances increasing to $1.3 billion.
Total share balances increased $15 million. Net income in 2023 was $12 million.
Total assets exceeded $1.6 billion. Net worth, a key indicator of safety and soundness, was $192 million, or 12% of total assets. IU Credit Union remains well positioned for continued strong financial performance.
IU Credit Union Investment Services thanks their clients for voting them as “Best Investment Firm” in the Herald-Times Best of Btown.
Moving into 2024, we will continue to deliver exceptional member experiences and meet the needs of our members and community. Key objectives include converting to a new phone system; streamlining the process for updating member contact information; completing and analyzing the results of a digital experience member survey; implementing a debt protection program; and continuing our commitment to sustaining strong communities.
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Ella Chafin Undergraduate - $2,500 IU Bloomington |
Ginger Miller Undergraduate - $2,500 IUPUI |
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Christabel Nyarko Undergraduate - $2,500 IU Bloomington |
Liam Walsh Undergraduate - $2,500 IU Bloomington |
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Victor Akangbe Graduate - $2,500 IU Bloomington |
Yolanda Dunderdale Graduate - $1,250 IU Bloomington |
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Edoardo Lenza Graduate - $2,500 IU Bloomington |
Jordan Dragoo Prof. Bruce Jaffee Scholarship - $5,000 IU Bloomington |
All branches of the IU Credit Union will be closed the following days.
Additionally, our Gary Branch will be closed on Wednesday, May 8 to accommodate the IU Northwest Commencement Ceremony.
Remember that your debit card, Online Banking and Mobile Banking are available 24/7. In addition, you have surcharge-free access to your account at thousands of ATMs nationwide in the CO-OP and Alliance One ATM networks.
We are proud to have served the Indiana University Northwest campus for 48 years. Branch usage and the number of members in the Gary area have steadily declined over the past ten years. After careful consideration, we have decided to close the Gary Branch and ATM effective December 13, 2024.
Gary member accounts will remain unchanged, and we can continue to serve members through several other convenient options:
*All loans are subject to credit approval. $1,000 Closing Cost Credit is applicable to completed applications between April 1 – May 31, 2024, on first mortgages and refinances that include closing costs that are charged to the borrower, and exclude loan programs that do not incur closing costs, such as Smart Refi and Home Equity programs. Offer is good on primary residence only and does not apply to mortgages currently held at IU Credit Union. Minimum loan amount $75,000. Closing Cost Credit will be applied at closing. Rates, terms and conditions will vary based on creditworthiness, qualifications and collateral conditions at the time of application. Property insurance required.
^APR is Annual Percentage Rate. Offer applies to new home equity lines of credit only. The 3.99% introductory APR is guaranteed for six (6) months from the date of closing. After the introductory rate, the APR will be a variable rate based on the prime rate as published in the Wall Street Journal, plus a margin. The current lowest variable APR available as of 3/18/24 is 8.50% APR, which includes a .25% discount for automatic payment from your IUCU checking account. The maximum APR that can be imposed is 18%. $50 annual fee waived the first year. Minimum line of credit amount is $10,000; fee of $150 applies for approved lines of credit less than $20,000. Closing cost may apply if title insurance is required. Some restrictions may apply. Contact the Credit Union for membership details. Property insurance is required. Investment mortgages are not eligible for this program. Rates, terms and conditions are subject to change without notice. Loans subject to credit approval.
IU Credit Union was recently named as one of the Best Places to Work in Indiana. This 19th annual program was created by the Indiana Chamber of Commerce.
The statewide survey and awards program is designed to evaluate participating organizations and honor those with the highest levels of employee satisfaction and engagement in the workplace. This year’s list is made up of 193 companies.
To be considered for participation, companies had to fulfill the following eligibility requirements:
Companies from across the state entered the two-part survey process to determine the Best Places to Work in Indiana. The first part consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. This part of the process, the Employer Assessment, was worth approximately 20% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process, the Employee Feedback Survey, was worth approximately 80% of the total evaluation. The combined scores determined the top companies and the final rankings. Workforce Research Group managed the overall registration and survey process in Indiana, analyzed the data, and determined the final rankings.
The final rankings will be announced at an awards ceremony on May 8, 2024, and then published in the Indiana Chamber’s BizVoice® magazine after the event.
Click here for more information on the Best Places to Work in Indiana program.
We are pleased to welcome Justin Wallace as our new Mortgage Origination Manager. Wallace comes to IUCU with more than a decade of management, sales, and customer service experience across multiple industries. He most recently served as Event Manager for Bloomington Country Club. He also previously served in the role of Automotive Dealer Development Representative for Fifth Third Bank.
Wallace holds a bachelor’s degree in Kinesiology, Sport Marketing & Management, and a master’s degree in Kinesiology, Athletic Administration — both from Indiana University Bloomington.
Rock the Block is a timed 10K, family-friendly 5K walk/run, and a free Kids Run. The event includes scenic courses, food, music, vendors, awards and giveaways — guaranteeing fun for everyone!
Proceeds benefit area trail projects and organizations serving youth and families of the Center Grove School Corporation area and Johnson County. Register to Rock the Block with us!
IU Credit Union is proud to sponsor this event.
Hoosier Country Jam features Michael Ray, Mason Ramsey, Dylan Schneider and Jake Hoot. The show will start with a Homegrown Hoosier Country guitar pull with Hank Ruff, Jake Dodds, and American Idol's Meggie Iyer. Hosted by Sam Alex.
The acoustic show will be an intimate, unique experience for all those who love country music in Indiana! All ages.
Proceeds of this event benefit Camp Broadcast, a summer program for high school and college journalists and broadcasters.
IU Credit Union is proud to sponsor this event.
Show off your school spirit with an official high school spirit debit card! These FREE cards are available at all Bloomington branches. The best part? Each time a high school card is used, we will make a contribution to the school. The more the cards are used, the greater the total contribution to our local school systems!
Your favorite ogre is back in this hilarious stage spectacle based on the Oscar-winning film. “Once upon a time, there was a little ogre named Shrek....” And so begins the tale of an unlikely hero who finds himself on a life-changing journey alongside a wisecracking donkey and a feisty princess who resists her rescue. Yes, your favorite ogre is back in the hilarious stage spectacle, Shrek – The Musical, based on the smash-hit, Oscar-winning DreamWorks animated film.
This Tony Award-winning fairy tale musical adventure features songs from Jeanine Tesori and a sidesplitting book by Pulitzer Prize winner David Lindsay-Abaire, and brings all the beloved characters you know from the film to life. USA Today raves it is “altogether irresistible!” You’ll be a “believer” too as there’s more to the story than meets the ears.
IU Credit Union is a proud sponsor of the IU Auditorium.
Cancer Support Community South Central Indiana exists so that no one faces cancer alone. Join IU Credit Union in supporting the cause by attending one of their current and upcoming fundraisers. Click/tap the event links below for more information.
Bloomington Watercolor Society Art Gallery — Open through April 26; Opening reception April 5, 4-7 PM
Why 2K! Trivia Night at Cardinal Spirits — April 7, 2024
IU Credit Union is proud to be a Champion Sponsor of Lemonade Day Monroe County. Lemonade Day is a fun, experiential learning program that teaches area youth how to start, own and operate their own business. You may even see a lemonade stand at some of our IU Credit Union branches on Lemonade Day!
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