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LOCAL CREDIT UNIONS ARE SHOWING FINANCIAL GROWTH
New York’s credit unions continue to show across-the-board growth in all fundamental categories, including membership, lending, assets and savings through the 2nd quarter of 2012. In so doing, they have exceeded the national averages in each of those areas as well.
Membership growth atNew Yorkcredit unions over the past year was 3.7 percent, 1.5 times higher than the national average of 2.3 percent at the end of June. In the second quarter alone,New Yorkcredit unions added almost 52,000 members.
New Yorkcredit unions are also continuing to meet the lending needs of their members, with loan originations increasing 24.9 percent from the first half of 2011 to $8.5 billion. This growth was primarily fueled by first mortgage originations, which rose by $1.2 billion over the first half of 2011.
“In an industry where other financial institutions are adding and increasing banking fees, these findings show how well-positionedNew Yorkcredit unions are to fill the needs of those seeking value,” said William J. Mellin, president/CEO of the Credit Union Association of New York. “As economic challenges continue to present themselves to New Yorkers across the state, I expect credit unions’ growth trend will continue.”
Other highlights from the recent Credit Union Performance & Trends Report released by Callahan & Associates for the period include:
The Credit Union Association of New York has served as the trade association for the state’s credit unions for 95 years. New York credit unions have assets of more than $57 billion and serve 4.6 million members. To learn more about the Association, visit www.cuany.org.