Family Trust reports big gains

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Despite the mortgage crisis roiling the economy, Family Trust Federal Credit Union reported near-record loan growth in the first six months of 2008.

The Rock Hill-based institution posted an increase of just more than 9 percent since the end of 2007.

The growth has come in every loan category, including mortgage loans, while past due loans and loan losses have remained below the industry average, president and CEO Lee Gardner said.

Family Trust has not been hampered by the risky practices of the subprime mortgage market, he said.

"For one thing, we're in a better part of the country," Gardner said. "Our economy is stronger. (And) part of it is because we don't take on the risky things that others do."

The capital and reserves of Family Trust are higher than at any time in the 51-year history of the credit union, Gardner said, estimating assets at close to $218 million as of June 30.

"We think we'll end this year much stronger than where we began," he said. "Our trends right now are positive."

The credit union serves anyone who lives or works in York County. It has four locations in Rock Hill, two in York and another soon to open in Clover.

Family Trust was chartered in 1957.