State-Journal.com - CCU loans reach $500 million

Commonwealth Credit Union Vice President of Lending Richard Warren, left, Assistant Vice President of Lending Alan Davis and Member Service Representative Glenn Griffin, right, present a Visa gift card for $50 to Cindy Kinsella for taking CCU over the $500 million loan mark. (State Journal/Kelly Mackey)

The Commonwealth Credit Union has reached a milestone - more than $500 million in loans outstanding.

Cindy Kinsella, a teacher’s aide at Second Street School, put CCU over the half billion mark.

Glenn Griffin, member service representative who has six years in auto and personal loans, made the deal with Kinsella.

Both were recognized with a small ceremony recently at the Louisville Road branch.

According to Vice President for Lending Richard Warren, exceeding $500 million has been a goal of the credit union, which has 92,000 members.

“I don’t think our next half billion will take as long as the first,” Warren said, explaining tracking has been done since CCU was founded in 1951.

“It was the easiest loan I ever made in my life,” Kinsella said. “I was in and out with my money in 30 minutes.”

She explained that when she and her family moved here several years ago, she was encouraged by a friend to become a member of the credit union.

The membership paid off for Kinsella when her daughter, who will be attending Asbury College this year, needed a new car.

“It was the best lending experience I ever had,” Kinsella added.

Griffin said he had no idea the loan he was making would become part of CCU’s history.

“I was just doing my job trying to meet the needs of Mrs. Kinsella.”

Warren was joined at the presentation by Assistant Vice President Alan Davis. Both oversee consumer, real estate and business lending and collections.

“We continue to set new records every month for mortgage loans,” said Warren, explaining the lending goal was not based on mortgage figures.

A credit union differs from a bank. It’s a not-for-profit with a board of volunteer directors. Instead of paying stock dividends, it returns profits through annual dividends to members.

The National Credit Union Association protects member investments up to $250,000.

“Any person may be a member who is eligible for retirement under the Kentucky Retirement System or any one who is related by blood or marriage to that person,” Warren said.

CCU has two other locations in Frankfort – the main office is on High Street and a third on Sower Boulevard. There’s also an office in Lexington.