New York state’s credit unions generated growth in assets, shares, members, and loans in the third quarter that exceeded national averages, according to a new industry report.
The state’s credit unions added $226.8 million in assets and 43,000 members in the third quarter to reach $61.5 billion in total assets and nearly 4.8 million members, according to the report, entitled the Credit Union Performance & Trends Report. It was issued by Callahan & Associates, a Washington, DC–based firm that tracks the credit-union industry.
“This growth reflects the changing attitudes consumers have towards big banks,” William J. Mellin, president/CEO of the Credit Union Association of New York, said in a news release. “It also shows how credit unions have stepped up their efforts to increase awareness among consumers of credit unions as safe financial institutions that provide both good value and promote thrift.”
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Other highlights from the report include the following.
New York credit unions generated annual loan growth of 8.1 percent in September 2012, nearly double the national average of 4.2 percent in the month.
The average credit-union member relationship (the outstanding combined loan and share/savings balances per member, excluding member business loans) increased to $17,341 at the end of the third quarter.
Credit unions in the state saw share/savings balances increase at an 8.8 percent clip, faster than the national average of 6.2 percent.
Capital levels at New York credit unions stood at 11.3 percent of assets at the end of the third quarter. That’s higher than New York banks and thrifts, as well as credit unions and banks nationwide, the report said.
Business loans on the books of the Empire State’s credit unions increased 16.9 percent from September 2011 levels, as member business-loan originations totaled more than $1.9 billion in the first nine months of 2012.
Contact Rombel at arombel@cnybj.com
