GLENDALE, N.Y.–Italo-American FCU is preparing to mark its 90th anniversary.
Its success, according to CEO Craig Montalbano, reflects the concern of its staff for its members.
The $38.8-million Italo American CU was profiled in La Voce di New York, which serves the Italian-American community. It began its life as Fiori Di Marsala Credit Union, before changing its name.
“It’s a great option for Italian Americans,” Montalbano told La Voce di New York, “and I’m always encouraging Italian Americans to open accounts there because of the competitive rates.”
Italo America CU has 584 members according to its most recent 5300, which is an advantage, Montalbano told the publication, because it allows staff to work closely with members.
“I don’t think we’ve had a bad loan at the credit union, ever,” Montalbano said.
‘Conservative Lending Strategy’
He told La Voce di New York that IAFCU maintains a conservative lending strategy, with a “debt ratio hovering around 60% of its equity, while JPMorgan Chase has about ten times its equity in debt, or around 1,000%. That has allowed the IAFCU to weather storms that have battered other institutions, like the 2008 financial crisis, as the organization has not overleveraged its assets in pursuit of growth,” according to the report.
La Voce di New York reported that Montalbano has been with the IAFCU for 15 years, sitting on the board and working as vice president before becoming CEO. Now he’s looking forward to its 90th anniversary.
“It’s a big milestone for us,” Montalbano told the publication. “I look forward to celebrating our hundredth year in ten years, hopefully I’ll be around.”
