DES MOINES, Iowa (3/12/14)--Iowa credit unions ranked second in the nation in annual loan and annual asset growth, according to numbers released by the National Credit Union Administration.
The Iowa Credit Union League pointed out that the state's credit union loans and leases increased 13.6% to $8.2 billion in 2013, compared with 8% nationwide. (See March 4 News Now: 2013 financials show continued positive trends at CUs.)
"Iowa credit unions are strong and healthy, and continue to be leaders in the industry," said Pat Jury, league president/CEO. "Our positive growth in credit union membership, loans and deposits affirms that Iowa consumers desire to conduct business with not-for-profit financial cooperatives."
Total assets at Iowa credit unions increased by 6.6% compared with the year prior, clocking in at $11.8 billion. Nationally, federally insured credit unions' total assets trended up by $5.3 billion in the fourth quarter.
They experienced 6.6% growth in share and deposits to $10.2 billion compared with the national share and deposit growth of 3.7%.
Membership at Iowa credit unions ticked upward by 1.2% to 1,015,287, with 12,463 members added since December 2012. Nationally, membership in federally insured credit unions grew 2.6%.
The Des Moines Register noted the state's credit unions were led Veridian CU, Waterloo, and the University of Iowa Community CU, North Liberty (March 11). Veridian CU reported total assets increased 3.6% to $2.43 billion during 2013. Membership ended the year at 178,888 members, with a 3.9% growth rate.
Meanwhile, the University of Iowa Community CU noted assets bumped up by 20% to $2.16 billion in 2013, and membership came in with a 9.1% increase to 11,706 members.