Greenwood Credit Union makes investments in future growth

PBN Fastest Growing Companies 2022
4. $25 MILLION to $75 MILLIONGreenwood Credit Union
CEO (or equivalent): Frederick Reinhardt, CEO and president
2021 revenue: $32.3 million
2019 revenue: $26.9 million
Revenue growth: 20.3%

ADDING STAFF AND UPGRADING technology spurred Greenwood Credit Union’s 20.3% revenue growth last year compared with 2019. The Warwick-based credit union also experienced a 19% increase in employees and a 12% increase in customers during that period.

“Going paperless accelerated how quickly we could process loan applications and files,” Greenwood CEO and President Frederick Reinhardt said. “We wanted to make sure we were there to help our business partners achieve financial success … now we’re investing in robotic process automation technology.”

Adding call center staffers proved valuable during the COVID-19 pandemic, as customers wanted to connect primarily online or by phone. Reinhardt says the federal Paycheck Protection Program was a “lifesaver,” as it supported many of Greenwood’s commercial clients.

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“Additional government support helped average consumers make loan payments and pay down debt, and it spurred economic activity,” Reinhardt said.

As for 2022, Reinhardt sees continued solid growth. “I want to believe that the investments we’ve made in people and technology pay us back when we’re there to help our customers and business partners be successful,” he said.