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Local CUs banks in Yakima picking up business
YAKIMA, Wash. (11/25/08)--Credit unions and community banks are doing well in Yakima, Wash., the Yakima Herald reported Monday. Yakima Valley CU increased its deposits by 4.7% between September and October. It also experienced a record number of account openings in the past few months, the newspaper said. Yakima Valley has $240 million in assets. Catholic CU reported a 1.8% increase in deposits between Aug. 31 and Oct. 31, the newspaper said. Catholic CU has $164 million in assets. Mina Worthington, Yakima Valley president/CEO, told the Herald that the rise in business at credit unions could be due to consumers’ perception that larger financial institutions aren’t as stable as smaller ones. Several credit unions in Yakima, including Yakima Valley and Catholic CU, also were recently awarded perfect five-star ratings from BauerFinancial Inc. High ratings are presented to institutions that are well-capitalized and can prove their deposits are secure. Credit unions practice traditional banking and have stayed away from subprime lending, BauerFinancial President Karen Dorway told the newspaper. To read the full article, use the link.
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