DES MOINES, Iowa (6/18/14)--Iowa credit unions ranked second in the nation in annual loan growth for the first quarter, according to data released by the National Credit Union Administration, while share and deposit growth also experienced robust gains.
Only Idaho outpaced the Hawkeye State in loan growth.
Credit unions in Iowa also experienced the second-fastest growth nationally in total loans year-over-year, with total loans and leases jumping 14.4% to $8.3 billion.
"Consumer confidence is building with continued low interest rates on consumer loans and an improved housing market," said Patrick S. Jury, president/CEO, Iowa Credit Union League. "We're finding that consumers are more willing to purchase big ticket items like a home or car, and Iowa credit unions are able to assist them with their financing needs."
The state's credit unions also saw a 5.1% step up in share and deposit growth, to $10.5 billion, outpacing the national average of a 3.6% increase. Total assets ticked up 5.3% to $12.2 billion as well.
Membership growth gained 1.7% in the first quarter year-over-year, bringing total membership for Iowa credit unions up to 1,021,449.