We have proudly welcomed more than 4,000 new members, keeping a steady pace year over year in growth. While helping our newest members get the most value from their membership with us, we continue to see evidence of strong member loyalty within our 69,000+ membership base. In spring 2014, we conducted a thorough member survey which gave us invaluable data regarding our membership loyalty, our products, and our services. We have taken this feedback to heart, and we deeply appreciate your confidence in Dort Federal Credit Union.
From strong member loyalty, Dort Federal realizes substantial lending growth. In 2013, we set a credit union record helping our members with their lending needs and grew our lending portfolio by $40 million. In 2014, we nearly matched it! Adding another $35 million brings our lending portfolio to a robust $400 million. We ended our year with a record high in outstanding loans.
Another piece of good news has been a long time coming. In 2014, we saw the revival of Home Equity Line of Credit (HELOC) loans. After the housing crash in 2007-2009, HELOCs were hard to approve because many homeowners no longer had the equity in their properties. Last year, however, we helped our members acquire new HELOCs and many first mortgages—a positive sign for our market’s home values!
Dort Federal made a big splash in 2013 with business lending through participating in business loans throughout the state. With participations significantly down in 2014, we had the opportunity to loan more than $ 5 million in small business loans in our local community—making a significant impact right here at home.
I am delighted to share with you that we are poised to welcome 2015 with gusto. We look forward to finishing the construction of our new administrative building in Grand Blanc Township. While planning our move, we will be busy introducing our members to some exciting changes in our online and mobile environments with the addition of a new mobile wallet app specific to Dort Federal; adding Apple Pay for members who choose that route; and additions to our online and mobile banking platforms. Enhancements to our monthly statements and receipts are also coming, along with ways to make obtaining a loan even easier.
We’re ringing in 2015 with excitement. It’s going be a great year to be a Dort Federal member! Thank you for choosing us.
Best wishes for a happy 2015.