Boosted by PPP loans, credit union surpasses $2 billion assets

DUNEDIN — Achieva Credit Union announced it recently surpassed $2 billion in assets, joining three other Tampa Bay area credit unions in crossing that milestone.

The Dunedin-based credit union, which covers the west Florida coast from Pasco County south to Lee County, finished 2020 at $2.1 billion in assets, an 18.8% increase over 2019’s asset total of $1.8 billion, according to a statement. GTE Federal Credit Union, Grow Financial Federal Credit Union and Suncoast Credit Union, all based in Tampa, also have more than $2 billion in assets.

Founded in 1937 in Pinellas County, Achieva now has 22 branches. It expanded its footprint in 2020, the release states, opening a new branch location with a net-zero solar design in Trinity, designed to serve members in the rapidly growing west Pasco County community. The branch, say credit union officials, will achieve net-zero status via solar panels on the roof that convert energy from the sun into electricity.

In addition, Achieva’s Business Services department had its most active year ever in 2020 due in part to processing a total of 989 Paycheck Protection Program loans for area businesses, the release states. The $39 million in PPP loans contributed to a 38% growth in business loans, which ended the year at more than $159 million. The credit union had a record 74% increase in business customers in 2020, as a number of businesses that had been turned away by larger banks for PPP loans turned to Achieva.  

“In the face of unforeseen conditions, Achieva kept a clear view on our members’ needs,” Achieva COO Jennifer Galley says in the release. “We faced urgent needs from all over our communities,  whether it was businesses seeking help, teachers needing loans between paychecks, or community nonprofits struggling to keep their programs going. Following the Achieva culture of community, we rose to meet those needs.”