This year Suffolk Federal is proud to celebrate our 55th anniversary. Our history reflects a member-owned community focused credit union that is always moving forward to help our members achieve their financial dreams. We are over 65,000 members strong and with our expansion into Nassau County, more Long Islanders will be able to benefit from our full suite of products and personalized service offerings.
Members took advantage of a low interest rate environment, which resulted in record loan growth, funding more than $337.4 million in loans allowing us to reach a milestone over $1 billion in loan balances. Memberships increased and deposits surpassed 13% growth. We introduced a best in market Home Equity Line of Credit product, invested in our digital, contact center and branch channels to improve the service experience, partnered with auto dealers to offer a convenient way to finance your vehicle purchase at the point of sale, hosted numerous virtual financial literacy seminars and workshops, expanded the wealth management, insurance and commercial lending divisions and were named a Forbes best in state credit union and a finalist for the Long Island Choice Awards top credit union and best mortgage lender.
Being community-focused, supporting local non-profit organizations is one of the areas where Suffolk Federal is committed. Last year we touched over 45 charities & organizations and donated 1,100 pounds of food to area food banks. In addition, we facilitated grants of $130,000 from the Federal Home Loan Bank of New York, which helped 13 local businesses when they needed it the most. Our scholarships, awarded to six students, totaling more than $30,000, truly made a difference for the students attending Suffolk County Community College.
Amidst the challenges of the past year, our dedicated team not only kept our branches open but also expanded our Contact Center Hours and saw more accounts opened online in 2021 than in the previous three years combined. Our steadfast goal is to connect with and serve you in whichever way you prefer—in-person, on the phone or online. With that in mind, we also implemented a Voice of the Member program that enables us to hear your feedback and adjust accordingly.
Looking ahead, this year, it is with relentless focus that we are engaging on many fronts to improve technology across the organization. Digital enhancements are in full swing, and implementation of our new Online Account Opening platform is expected to be completed by the end of June. We are on the verge of launching an insurance agency to enable members to comparison shop and select insurance options suited for their needs and budgets.
On behalf of the team, thank you for choosing Suffolk Federal as your financial partner. We look forward to serve, listen and meet your personalized financial needs
President & CEO
Suffolk Federal Credit Union