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LIVE OAK, Texas –The fastest-growing credit union in Austin just reached another major milestone. At the end of the first quarter of 2012, Randolph-Brooks Federal Credit Union announced that its assets surpassed $5 billion.

The credit union has pursued an aggressive growth strategy, including the addition of six new branches in the Austin area alone during the past three years. RBFCU has experienced consistent growth in Austin, including increases in deposits and loans, as well as total assets.

According to Weiss Ratings, an independent analyst group, credit union deposits have grown by 29.6 percent since the end of 2007. In Austin, credit unions experienced a growth surge in late 2011 as consumers showed their dissatisfaction with fees charged by many of the nation's large banks.

Mark Matthews, RBFCU business development director, considers the growth a sign of consumers realizing they have choice when it comes to their personal finances. “People have come to recognize credit unions as a viable alternative to traditional banks,” Matthews said. “Financial cooperatives like credit unions can offer members options for service, and can typically offer more competitive rates and rewards as well.”

Numbers at RBFCU indicate that the credit union's members have been attracted by the institution's competitive rates. RBFCU has led the market in lowering rates, particularly those associated with auto loans. “We've grown to be the second-largest credit union lender in the Austin market,” said Chris O'Connor, President/COO for RBFCU. “A large part of this growth, as well as the overall growth in assets, can be attributed to our competitive lending rates and our success in refinancing vehicle loans held by other lenders.”

During the past year, the credit union's Austin area deposits have grown by 26 percent; loan balances have grown by 21 percent; and membership has grown by 19 percent.

About Randolph-Brooks Federal Credit Union

Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial cooperative whose mission is to improve members' economic well-being and quality of life. With assets exceeding $5 billion, RBFCU serves more than 390,000 members from 40 branch locations throughout Texas.