For immediate release
Local Credit Union Performs at Double the Industry Average
BURBANK, CALIFORNIA, December 13, 2004 — Lockheed Federal Credit Union (LFCU) has capped a year of outstanding financial performance by reaching the milestone of $2 billion in assets. The $2 billion mark is important to all members of LFCU as credit unions function as financial co-ops, and profits are returned to members, rather than to shareholders.
LFCU is the largest financial institution based in the San Fernando Valley, and one of the largest credit unions in the country. LFCU’s financial strength, allows the credit union to price competitively and offer relationship pricing programs that make it possible for entire households to reap the benefits of multiple memberships and accounts.
LFCU attributes its latest accomplishment to the control of operating expenses, and to the resulting value the credit union can provide to its members. President and CEO, Dave Styler, describes LFCU’s business philosophy as, “Strictly controlled operating expenses, consistently high service standards, and better overall value than available anywhere else.”
With a return on assets (ROA) of two percent or greater, LFCU performs at double the industry average. In addition, LFCU’s net worth ratio approaches 15 percent, whereas the larger credit unions typically average about 10 percent. Recently, IDC Financial Publishing rated LFCU with a perfect score of 300, based on criteria including capital adequacy, asset quality, margins, earning returns and leverage/liquidity. LFCU was one of only two credit unions in the country to receive this perfect score.
About Lockheed Federal Credit Union
Lockheed Federal Credit Union (LFCU) is a member-owned cooperative established in 1937. Headquartered in Burbank, California, LFCU currently operates 10 branches in Southern California serving residents of the San Fernando, San Gabriel, Santa Clarita, Conejo and Antelope valleys. As one of the strongest credit unions in the nation, LFCU leads the industry in financial performance. Membership in LFCU is free and open to anyone living or working within the areas listed above.
