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CUs consolidation featured in Pittsburgh paper
PITTSBURGH (5/15/08)--A feature article in the Sunday Pittsburgh Tribune-Review discussed the consolidation of Pennsylvania credit unions. The article presented a positive look at how credit unions in the state are weathering current economic conditions and seizing opportunities to serve their members, said the Pennsylvania Credit Union Association (PCUA) (Life is a Highway May 12). The interview took place during the PCUA’s annual convention in Pittsburgh and was conducted at Allegent Community FCU. Participating in the interview were: Jim McCormack, PCUA CEO; Diana Roberts, PCUA board chair; Kevin Anglemyer, CEO, Allegent Community FCU, Pittsburgh; and Ralph Canterbury, vice president, Clearview FCU, Moon Township. Although the number of Pennsylvania credit unions has dropped below 600 for the first time in 60 years, the mood at the PCUA convention was upbeat, the article noted. “In these bad times, credit unions see there are opportunities for them,” McCormack was quoted in the article. “They are not cutting back. They have money to lend.” As consumers try to get out of their adjustable rate mortgages and into fixed-rate loans, mortgage refinancings are probably the busiest area for the $109.5 million asset Allegent Community CU, Anglemyer told the paper. A good boost in mortgage refinance volume also is being experienced at the $42.7 million asset, Hummelstown, Pa.-based Hershey FCU, said Roberts, Hershey president. Credit unions have entered business lending in the past five or so years, with about one in six Pennsylvania credit unions writing business loans, McCormack told the paper. The typical business loan is between $100,000 and $1 million--often to buy a piece of equipment, he added. “As credit has dried up at banks, credit unions are welcoming small-business loans,” McCormack said in the article.
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