WICHITA, Kan. (1/13/12)--Third-quarter 2011 statistics indicate Kansas credit unions continue to beat national trends, said the Kansas Credit Union Association (KCUA) Thursday.
Kansas credit unions show solid performance in most areas such as assets, shares and loans, including a 5.4% loan growth, where national trends show a decline, KCUA said.
Membership at the state's 101 credit unions has increased 3.4%, five times the national average of 0.65%. Kansas credit unions added 20,636 members between September 2010 and September 2011.
Kansas also is a nationwide leader in auto loans, with a year‐to‐date market share of 23% at the end of the third quarter. This is more than 50% higher than the national average of 14.5%, KCUA said.
The data indicate that Kansas credit unions, serving more than 625,000 Kansas consumers, remain a stable option for financial services to both individuals and businesses, the association added.
"For the past year, the numbers have been good," Bob Mayes, KCUA vice president of credit union support services, told News Now. "Kansas credit unions never tightened that much when the [national] credit crunch came and we kept lending to members."
Auto loans have been a consistent source of good business for the state's credit unions. "With auto loans, some credit unions have developed a loyal following, some have a strong indirect program and some have a strong recapture program," Mayes said.
Members borrowing auto loans know they are getting a good deal, Mayes explained. "Members have trained themselves because they know they are going to get the best deal at credit unions, so they go there time and again."
Regarding the economy, Kansas never had it as bad as some of the coastal states during the tough financial times the past several years, but it still had some challenges, Mayes said.
"Kansas credit unions continue to grow, and our mortgage originations also have grown," he said.
Statistics for Kansas credit unions' third-quarter performance were compiled by Callahan & Associates.