Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
N.Y. CUs exceed national figures for lst Q growth
ALBANY, N.Y. (6/17/09)--Despite the recession, New York's credit unions saw growth in assets, loans, savings and membership, according to New York's First Quarter 2009 Profile prepared by the Credit Union National Association. In each category, the state's credit unions exceeded the overall national statistics for the period. Credit union loans in the state grew by 8.7% during the first three months of the year. That was 2.5% over the national growth rate of 6.2%. During the same period, credit unions posted a 10.9% net worth to assets ratio, more than the 7% required to be considered well-capitalized and over the 9.7% national ratio. New York credit unions saw an 11.6% growth in savings contrasted to the nation's 8.3%. Assets in the state jumped 10.6%, compared with the national 7.9% growth rate. Membership increased by 2.3%, the strongest surge in the past three years and exceeding the national 1.8%. Collectively, the state's credit unions posted a return on assets of 0.71%, surpassing the national average. "The figures reflect the fact that New York's credit unions have not only remained well-capitalized throughout the financial turmoil that has captured headlines and the public's attention for the past year, but have grown in assets and loans," said William J. Mellin, president/CEO of the Credit Union Association of New York. "They also show that credit unions continue to be there for their members and for New Yorkers' recently discovering the credit union difference," Mellin said. "I believe that our credit unions will remain strong, active and vibrant financial institutions and that they will experience continued growth throughout 2009," he added.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
17 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
13 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
13 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
15 hours ago