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Bethpage Federal reports strong year

Bethpage Federal Credit Union

Bethpage Federal Credit Union Photo Credit: Newsday File

Bethpage Federal Credit Union, which says it’s the state’s largest, said it had a good 2011, as credit unions capitalized on ill feelings by Americans toward big banks after the subprime mortgage debacle, bank bailouts and new fees.

The not-for-profit financial cooperative said net income was a record $41 million, up from $38 million in 2010. Deposits grew 13 percent to $3.6 billion.

It said it funded $1.450 billion in loans, a 7.5 percent increase over 2010, including mortgages. It also opened a record number of new checking accounts -- 23,000 -- up 29 percent from a year earlier, partly due to Bank Transfer Day, a nationwide effort by credit unions to lure business away from banks.

Bethpage opened three new branches last year and now has 25, with four more scheduled to open later this year.

 

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