Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CU loan balances outpace Ohio savings in 2013
COLUMBUS, Ohio (3/19/14)--For the second straight year, loan balances at Ohio credit unions increased more than savings balances, according to a report on 2013 numbers from the Ohio Credit Union League.
 
Overall, credit union loan portfolios edged up 1.5% (6% annualized) in the final quarter of 2013 and jumped 9.9% in the 12 months ending December 2013. Savings balances, meanwhile, had a slight uptick of 0.6% (2.4% annualized) in the fourth quarter and 3% over the year.

Stronger economic and labor market conditions--Ohio added 26,000 jobs in 2013, according to the Census Bureau--resulted in across-the-board loan improvement.
 
In response to pent-up demand for vehicles, new auto loans surged 25.6% from a year prior, while used autos accounted for a 9.8% increase.
 
More importantly, the league's report noted, lending saw improvements in nearly every key category. Gains included first mortgage loans, 10.9%; personal unsecured loans, 8.6%; member business loans, 8.4%; and credit cards, 7.1%. 
 
Total membership for credit unions statewide increased by 3.04% in full-year 2013--the strongest annual increase in more than a decade--at a rate significantly higher than the state's population growth of 0.15%.
 


RSS





print
News Now LiveWire
Construction spending drops in January, according to @CommerceGov http://t.co/W9J1mDyF8X #Market #NewsNow
11 hours ago
During Nat'l Consumer Protection Week, @TheNCUA reminds #CU members of agency resources re: rights as consumers. http://t.co/aYgW1HoDmF
12 hours ago
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
13 hours ago
Breaking at #NewsNow: @CUNA backed bill introduced by @RepEdRoyce @GregoryMeeks would raise MBL cap. #CUSmallBiz http://t.co/ZDAb2UMoQz
15 hours ago
Loan growth at federally insured #creditunions in 2014 climbed to highest level since 2005, @TheNCUA reported today. Watch News Now Tues.
15 hours ago