Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
NY CU Loan Growth Up 50%, Says CUANY
ALBANY, N.Y. (3/29/13)--Credit unions across New York State continued to post strong financial performance and exceed national averages in many key categories during fourth quarter 2012, said the Credit Union Association of New York.

Data show that New York credit unions are growing and lending at a pace that far exceeds national averages. Most notably, New York credit unions had annual outstanding loan growth of 6.5% in 2012, significantly higher than the national average of 4.5%. Loans to businesses were up by 14.6% over 2011 totals.

"This report clearly shows that credit unions are playing a significant role in helping grow the economy and provide critical funds to families and businesses in the communities they serve," said William Mellin, CUANY president/CEO. "Credit unions are truly about people helping people--and having New York outpace national trends demonstrates that New York consumers understand this philosophy more and more each year."

Other highlights:

  • Annual growth figures for assets, shares, members and loans in 2012 exceeded national averages, and the average member relationship increased.
  • Credit unions in New York saw share balances rise 7.8%, faster than the national average of 6.1%. Regular shares, money market accounts and share drafts grew at a double-digit annual pace.
  • Asset quality for the state's credit unions improved. The overall delinquency rate was 1.26%, which is below the local bank average.
  • Capital levels remained high at New York credit unions at 11.3% of assets. This is a higher level than New York banks and thrifts, as well as credit unions and banks nationwide.
  • Business loans at New York credit unions increased 14.6% from 2011, with member business loan originations totaling nearly $3 billion in 2012.
CUANY said the data are from a quarterly Credit Union Performance and Trends Report by Callahan & Associates.


RSS print
News Now LiveWire
Another state will probe the Experian data breach; learn more in tomorrow's edition of #NewsNow #CUNA #creditunions
11 hours ago
Canada's @Vancity to support phase 3 of @WOCCU's Build the Brand http://t.co/6IMSvA8LMZ
11 hours ago
Yesterday, #creditunions across the country encouraged members to #gogreen on #EarthDay http://t.co/boBamaLJoh #greenliving
14 hours ago
As ticket prices for sporting events soar, #creditunions are pitching in to drive down costs for members http://t.co/EgrrtkVlgt
16 hours ago
Shodair Children's Hospital in MT receives #NCUF @BizKidsTV, thanks to @mtcus4you http://t.co/oxGAbqpU5h
16 hours ago