WASHINGTON (3/13/12)--Credit unions in the Washington, D.C., area saw a surge in earnings and membership in 2011, propelled by a spike in consumer interest as a result of a negative wave of sentiment toward banks last fall, said The Washington Post (March 11).
Last year, assets at locally based credit unions climbed 13.4% to $89 billion, while memberships jumped 15% to seven million, according to National Credit Union Administration (NCUA) data cited by the newspaper.
Also, consumer lending at Washington credit unions rose 10.1% to hit $60.1 billion by the end of last year.
A key measure of growth--return on average assets--was 0.92% for the area, compared with 0.79% the previous year.
"People have been looking for banking alternatives, and the fees issued at large banks brought heightened attention on credit unions in the fourth quarter," John Bratsakis, president/CEO of the Maryland and D.C. Credit Union Association, told the Post.
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