CoVantage Credit Union reported that on April 2 they achieved a significant milestone in the credit union industry by surpassing $1 billion in assets, placing them among the largest 200 credit unions in the nation. At the end of 2012 there were more than 7,200 credit unions in the country.
“While reaching a billion dollars in assets is unique within the credit union industry, and a notable achievement, it won’t change how we go about our business,” said CoVantage CEO Brian Prunty. “For the board, staff, and me it has never been about size. For us it is always about working hard and doing what it takes to serve our members well, while ensuring our credit union stays strong and successful. To have this kind of growth is evidence that we are meeting these objectives.”
CoVantage reached the $100 million mark in 1993 and $500 million in assets in 2005. Prunty, who has been with the credit union since 1990, credits loyal members and hard working employees for the growth.
“When I meet with members, they often let me know how long they have been a member and they take special pride if they have a low account number.” Prunty said. “I am particularly grateful to the talented employees of CoVantage. They work tirelessly serving a growing membership during a period of rapid changes and challenging times.”
CoVantage Credit Union was chartered in 1953 to serve the employees and patrons of the Antigo Co-op Oil Association and Langlade Farmers Cooperative (organizations that are no longer in business). Over the years CoVantage Credit Union’s charter, which is the common bond through which individuals become eligible for membership, has grown significantly to include 19 counties; and several employee groups. Today the financial cooperative serves 70,000 members.
CoVantage Credit Union has additional offices in Crandon, Shawano, Wausau, Weston, Rib Mountain, Rothschild, Rhinelander and Iron River and Crystal Falls, Mich. CoVantage employs 254 individuals throughout north central Wisconsin and upper Michigan.