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Boosted by PPP Loans, Credit Union Surpasses $ 2 Billion in Assets | Business Observer

DUNEDIN – Achieva Credit Union announced that it recently surpassed $ 2 billion in assets, joining three other Tampa Bay area credit unions to take this milestone.

The Dunedin-based credit union, which covers the west coast of Florida from Pasco County to southern Lee County, ended 2020 with $ 2.1 billion in assets, an increase of 18.8% from compared to 2019 total assets of $ 1.8 billion, according to a statement. GTE Federal Credit Union, Grow Financial Federal Credit Union, and Suncoast Credit Union, all of which are based in Tampa, also have over $ 2 billion in assets.

Founded in 1937 in Pinellas County, Achieva now has 22 branches. It expanded its footprint in 2020, the statement said, by opening a new branch with a net zero solar design in Trinity, designed to serve members of the rapidly growing West Pasco County community. The branch, according to credit union officials, will achieve net zero status thanks to solar panels on the roof that convert the sun’s energy into electricity.

In addition, Achieva’s business services department experienced its busiest year in 2020 in part due to processing a total of 989 paycheck protection program loans for businesses in the region, the region said. communicated. The $ 39 million in PPP loans contributed to a 38% growth in business loans, which ended the year at over $ 159 million. The credit union saw a record 74% increase in the number of business customers in 2020, as a number of businesses that had been turned down by major banks for PPP loans turned to Achieva.

“In the face of unforeseen conditions, Achieva has kept a clear view of the needs of our members,” Achieva Chief Operating Officer Jennifer Galley said in the statement. “We have been faced with urgent needs from all of our communities, whether they are businesses seeking help, teachers needing loans between paychecks or community nonprofits. struggling to maintain their programs. By following Achieva’s community culture, we have risen to meet these needs.

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