ICCU President and CEO Kent Oram and tellers Rebekah Cote, center, and Dani Neumann inside ICCU’s new Chubbuck branch, the latest of the company’s 19 Idaho branches. (photo/Mark Mendiola)
Idaho Central Credit Union’s November 5 opening of its $2 million Chubbuck branch marks another milestone for the state’s largest credit union as it continues to grow at a robust double-digit pace against strong head winds in the nation’s financial markets.
ICCU’s statewide monthly payroll ranges between $1.5 million or $1.7 million – or more than $20 million annually, says Kent Oram, ICCU president and chief executive officer. Of the nation’s 7,000 credit unions, Idaho Central ranked 164th in assets at the end of September.
Its growth rate stands at about 20 percent annually. By comparison, the national growth rate for credit unions amounts to about 4 percent.
Idaho Central – a state chartered and federally insured financial institution – boasts 40,000 mobile banking users. Between 900 and 1,000 ICCU customers have signed up for “very well-received” mobile deposits that were started a month ago and allow photo copies of checks.
ICCU’s annual loan growth rate has averaged 26 percent as opposed to the national average of 1 percent. Idaho as a whole is doing better than other states in the nation, Oram says adding there are about 60 credit unions operating in the state, down from about 110 to 120 when he started. There were about 12,000 credit unions nationally three decades ago.
The Chubbuck branch on Yellowstone Avenue is not far from ICCU’S five-story, 700,000-square-foot headquarters building near the Interstate 86 interchange, where the company has been based the past five years. That highly visible structure is at 80 percent capacity with 175 employees, Oram says.
Planning for the HQ building started about 10 years ago and construction commenced seven years ago. Some of its electrical, heating and air conditioning systems are solar-enabled.
“People thought it was a hotel for a while. Now, it’s our home,” says Oram, a Blackfoot native who earned a bachelor’s degree from Idaho State University in information systems management. (more…)