MADISON, Wis. (12/17/13)--Analysis of the third-quarter numbers from the National Credit Union Administration (NCUA) continues to show strong credit union growth across the nation.
The Iowa Credit Union League noted that Iowa's credit unions are first in the nation in annual share and deposit growth. Iowa posted a 9% year-over-year gain in deposits to $10.1 billion. In total asset growth, Iowa had the second-fastest rate with 8.2% compared with 2012--nearly double that of the national growth rate of 4.3%.
"We are seeing very positive growth in credit union membership, loans and deposits, while continuing to enjoy a strong capital ratio and low delinquency," said Patrick Jury, league president/CEO.
The Cornerstone Credit Union League noted that area credit unions have written 2.15 million new loans worth $24.5 billion into its member states' economies (Leaguer Dec. 16). Arkansas credit unions wrote $663 million in new loans through September, Oklahoma credit unions have written $3.3 billion, and credit unions in Texas wrote more than $20.5 billion.
In the past 12 months ending Sept. 30, credit unions in Arkansas, Oklahoma and Texas saw assets grow by almost 5.6% (Leaguer Dec. 16) to $94.8 billion. Growth was strongest in credit unions with more than $250 million in assets, but even those with less than $50 million in assets grew 1.2%.
NCUA's breakdown of numbers for federally chartered credit unions showed Idaho had the strongest third quarter for outstanding loans, membership and assets; Missouri's credit unions reached $11.2 billion in assets (News Now Dec. 5); and Minnesota membership reached an all-time high of 1.6 million (News Now Dec. 6).