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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.


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