Lafayette Federal Credit Union Ranks 8th in Washington Business Journal's Fastest Growing Companies
ROCKVILLE, Md., October 27, 2022 (Newswire.com) - Lafayette Federal was recognized as Greater Washington's fastest growing credit union. Ranking as the 8th fastest growing company by the Washington Business Journal, Lafayette Federal was one of only 50 Washington area business to make the list out of over 2,300 companies surveyed. In 2021 alone, the credit union experienced a phenomenal 53% increase in member growth and an outstanding 9.65% return on average assets (ROAA).
The Washington Business Journal analyzed financial returns of companies across the DMV, tracking revenue growth over the last three years. Criteria for the rankings included sustained revenue and employee growth since 2019.
"To be acknowledged by the Washington Business Journal as Greater Washington's #8 fastest growing company is a great honor for our organization," says Gladys Magsino, Lafayette Federal's Senior Vice President of Administration. "Having achieved yet another unprecedented year of growth further solidified Lafayette Federal as a leader within the financial services industry across the country. We are extremely proud for achieving this level of success and are grateful to our employees who have shown remarkable resilience, our volunteers for their support and commitment to our mission and to our members who have stood by our side and supported us for over 85 years."
About Lafayette FCU
Lafayette Federal Credit Union is a premier financial institution in the Washington, D.C. metropolitan area. Since 1935, Lafayette Federal has sought to provide members with a safe and convenient place to save, and to offer deposit and loan accounts at rates and terms more favorable than those of other financial institutions. With assets over $1.6 billion and over 55,000 members worldwide, Lafayette Federal operates eight full-service branch offices in the District of Columbia, Maryland, and Virginia and offers global access via the shared branch/ATM network and 24/7 electronic services. The organization was recognized by the S&P Global Market Intelligence Report as one of the top 100 credit unions nationwide (2020-2021), by Newsweek as one of America's best banks (2022), and received a 5-star ranking from Bauer Financial (2022). To learn more about Lafayette Federal Credit Union, call (301) 929-7990 or visit www.lfcu.org.
Source: Lafayette Federal Credit Union