Five Questions With: Gary E. Furtado

GARY E. FURTADO is president and CEO of Navigant Credit Union. / PBN FILE PHOTO
GARY E. FURTADO is president and CEO of Navigant Credit Union. / PBN FILE PHOTO

Gary E. Furtado is the president and CEO of Navigant Credit Union, Rhode Island’s oldest credit union. He talks with Providence Business News about the credit union’s performance in 2016, its challenges and what credit unions should be looking for in 2017.

PBN: How would you describe 2016 for Navigant Credit Union?

FURTADO: It was a very good year; a strong year at the credit union. We opened up a new branch in North Smithfield, in Slatersville, and that’s been a very successful branch over the last seven months. We also merged with Dexter [Credit Union], so that added about 10,000 new members to us, which was a very good thing. We also ended up with a new branch in Situate through the merger, so yes, it was a good year for sure.

PBN: Where did you see the most growth and why?

FURTADO: Every one of our business units was very busy in ’16. We [had] another record lending year; lending was great. We did probably over $400 million in loans. Commercial lending continues to be very strong and our first-time homebuyers’ product realized a strong year. Probably for the first time since the Great Recession, we had more purchases mortgages than refinances, so we saw a lot of activity in the purchase business. On the deposits side, we had a strong year in our branches … so everything was hitting on all cylinders.

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PBN: What was most challenging about 2016?

FURTADO: I think managing our growth. You look at the merger, the new branch, I think we need to strategically manage our growth and not forget who we are and what we do. … It’s good to grow, but you have to manage your growth, and that’s our biggest challenge. We can’t let it get away from us.

PBN: How would you describe the overall Rhode Island economy in 2016?

FURTADO: I am optimistic about the economy. I think we are definitely going in the right direction. It does seem that we’re trying to be more business-friendly in a state as a whole. Obviously, unemployment is down, so more people are working. I think the attitude of the state is better, so I’m optimistic. The housing market has obviously stabilized and is on an upswing. I think there’s more confidence from the public that they can buy a house, or buy up to a next house and take on a little more debt.

PBN: What will you – and other credit unions – be looking out for in the New Year and why?

FURTADO: The credit unions in Rhode Island have a good reputation of being community-minded, so I think we need to continue with that. With the new [presidential] administration, we hear about regulatory relief, so we’re cautiously optimistic that there will be some regulatory relief. Obviously, regulations have their place, but sometimes we can go overboard. Regulatory relief would help the credit union as a whole. There are a lot of regulations that get put on the bigger players on the national level that also filter down to the local level, too. … Unfortunately, the pendulum swings too far in one direction, so hopefully there will be more regulatory relief and we’re looking forward to that.

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