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CU System
Mass. CUs set record in mortgage refis grow
MARLBOROUGH, Mass. (2/24/11)--Sparked by a record number of mortgage refinancings in 2010, Massachusetts credit unions are experiencing a period of prolonged growth as they also benefit from a national trend of people turning to credit unions in the wake of the banking crisis. During the past decade, credit union assets in the state have been steadily growing, said Massachusetts Credit Union League President Daniel F. Egan Jr. (The Republican Feb. 13). “After the financial crisis, people have been paying more attention to the financial services industry, and many don’t like what they see,” Eagan told the newspaper. “These people are seeking alternatives.” Massachusetts credit unions saw a 4.6% increase in assets in 2009, and although the closing figures for 2010 haven’t been finalized, Egan told the paper he expects another year of healthy growth. “Credit unions’ growth is being fueled by their commitment to the local community,” he added. The article also mentioned three credit unions in the state: Freedom CU, Springfield; Holyoke (Mass.) CU and Polish National CU, Chicopee. To read the article, use the link.
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