New York’s credit unions show growth

New York’s credit unions saw growth rates that surpassed the national averages for assets, savings, members, and loans for the first quarter of 2012, according to the Credit Union Association of New York (CUANY), which used Callahan & Associates statistics for the period.

Credit union assets grew more than 4 percent to $60.4 billion while savings also grew more than 4 percent to $54.2 billion.

The membership growth rate over the past 12 months was 2.9 percent, exceeding the industry average of 1.9 percent. In the first quarter of 2012, credit unions across the state added more than 56,000 members, bringing total membership to 4.68 million.

Outstanding business loans increased 14.6 percent from March 2011 levels, with credit unions originating $695 million in business loans for the first quarter.

“As the numbers show, New York’s credit unions have been doing a great job of working with small business to get them the loans they need, especially at a time when the financial crisis of the past few years has resulted in a reduction of available business credit from traditional banking outlets,” William Mellin, president and CEO of CUANY, said in a news release. “Credit unions have proven to be a viable solution to help fill the lending gap — not to mention a less expensive one — for small businesses looking to secure the credit they need to build and grow.”

Legislation is currently pending in Congress that would enable credit unions to increase their business lending, which would add as much as $13 billion in capital available. Mellin notes that banks, which control about 95 percent of the business-lending market, are fighting the bill’s passage.

The Credit Union Association of New York (www.cuany.org) is a trade association for the state’s credit unions.

Contact DeLore at tdelore@tmvbj.com

New York’s credit unions saw growth rates that surpassed the national averages for assets, savings, members, and loans for the first quarter of 2012, according to the Credit Union Association of New York (CUANY), which used Callahan & Associates statistics for the period.

Credit union assets grew more than 4 percent to $60.4 billion while savings also grew more than 4 percent to $54.2 billion.

The membership growth rate over the past 12 months was 2.9 percent, exceeding the industry average of 1.9 percent. In the first quarter of 2012, credit unions across the state added more than 56,000 members, bringing total membership to 4.68 million.

Outstanding business loans increased 14.6 percent from March 2011 levels, with credit unions originating $695 million in business loans for the first quarter.

“As the numbers show, New York’s credit unions have been doing a great job of working with small business to get them the loans they need, especially at a time when the financial crisis of the past few years has resulted in a reduction of available business credit from traditional banking outlets,” William Mellin, president and CEO of CUANY, said in a news release. “Credit unions have proven to be a viable solution to help fill the lending gap — not to mention a less expensive one — for small businesses looking to secure the credit they need to build and grow.”

Legislation is currently pending in Congress that would enable credit unions to increase their business lending, which would add as much as $13 billion in capital available. Mellin notes that banks, which control about 95 percent of the business-lending market, are fighting the bill’s passage.

The Credit Union Association of New York (www.cuany.org) is a trade association for the state’s credit unions.

Contact DeLore at tdelore@tmvbj.com