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Massachusetts CU assets rise 4.1
MARLBOROUGH, Mass. (3/7/08)--Total assets for credit unions headquartered in Massachusetts tallied $24.6 billion during 2007, up 4.1% over year-end 2006. Credit union assets in the state constitute 9.4% of all financial institution assets in the state, the Massachusetts Credit Union League reported on its website. Credit union deposits increased by 1.87%, closing 2007 at $20.1 billion. Credit unions hold a 10% share of the market for insured deposits in Massachusetts. Loans rose 4.84%, finishing the year at $18.2 billion. There were 228 credit unions headquartered in Massachusetts at the end of 2007, with 58% holding federal charters and 42% state charters. Credit unions serve roughly 2.44 million citizens of Massachusetts or 38.2% of the population--a 1.67% increase over year-end 2006.
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