Co-op Services Credit Union Reports Year-end Financial Results

Livonia, MI (Mar. 25, 2002) – Co-op Services Credit Union reported 2001 year-end financial results at its annual meeting on March 7, 2002.

The credit union’s volunteer Board Chairman Michael A. O’Hehir noted the solid growth in assets of $21.3 million during 2001, an increase of nearly ten percent over the previous year. O’Hehir said, "In spite of changing and uncertain economic times, the credit union responded to members’ needs by offering a wide variety of loan and savings options."

Co-op Services Credit Union’s strong financial position was recognized by Bauer Financial Reports, Inc., which gave it a five-star designation. IDC Financial Publishing, Inc. also gave the credit union a superior rating—its highest designation.

During 2001, the credit union’s loans grew by $12.1 million and savings were up $24.3 million.

Co-op Services President and CEO Bob Huston said, "We project that 2002 will be an even better year as people begin to experience the benefits of an economic recovery. Members will also benefit from our investment in training and technology."

Co-op Services Credit Union has more than 50,000 members and total assets exceeding $240 million. The credit union maintains branch offices in Dearborn, Livonia, Walled Lake, Westland and Wyandotte. Members also have access to any of 21 Family Service Center shared branches located throughout Michigan. For more information about Co-op Services, visit the credit union web site at www.cscu.org or call 800-321-8570, toll free.

Media Contacts:

Angie Krogol
Co-op Services Credit Union
734-466-6103

Margaret Knes
Margaux & Associates, LLC
313-336-8774

akrogol@cscu.org mknes@margauxpr.com