Credit unions show growth
New York credit unions’ growth rates for assets, shares, members and loans outperformed national averages in the first quarter, according to Callahan & Associates statistics.
Credit union assets in the state grew more than 4 percent to $60,368,424,307. Savings held at New York credit unions also grew more than 4 percent to $52,174,026,219.
The membership growth rate over the past 12 months for New York credit unions was 2.9 percent, exceeding the industry average of 1.9 percent. In the first quarter, more than 56,000 credit union members were added, bringing total membership to a record 4.68 million.
Outstanding business loans at New York credit unions increased 14.6 percent from March 2011 levels, with credit unions originating $695 million in member business loans in the first three months of 2012 alone. Over the same time period, outstanding small business loans at New York banks decreased.
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 $60 billion and serve 4.68 million members. To learn more about the Association, visit www.cuany.org.