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News Now

CU System
Massachusetts CUs grew through third quarter
MARLBOROUGH, Mass. (12/2/08)--Massachusetts' credit unions saw growth in assets, deposits, loans, and membership during third quarter, according to data compiled from reports released last week by the National Credit Union Administration (NCUA). The 226 credit unions in the state hold roughly $26 billion in assets. The Massachusetts Credit Union League's newsletter (E-Weekly Nov. 26) said NCUA reported that the state's credit unions had 5.95% aggregate growth in assets--to $26 billion from $24.6 billion at the first of the year. The national growth rate was 5.7%. Savings for the state's credit unions are up by 3% since January, compared with a national savings growth of 5%. Some of the funds may have been deposited by new credit union members. Massachusetts credit unions added roughly 54,000 new members in 2008, a 2.2% increase to date. Loans outstanding at Massachusetts credit unions grew by more than 6%, or $1.1 billion, since January. That is more than the national overall loan growth of 5.6%.


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