ALBANY, N.Y. (12/28/12)--New York credit unions continued to show an upward growth trend for assets, shares, members and loans in the third quarter of 2012, said the Credit Union Association of New York (CUANY).
| Click for larger view|
New York credit unions exceeded national averages in all four of those categories--setting new records of $61.5 billion in assets and nearly 4.8 million members, said a new Credit Union Performance & Trends Report from Callahan & Associates.
"This growth reflects the changing attitudes consumers have towards big banks," said William J. Mellin, CUANY president/CEO. "It also shows how credit unions have stepped up their efforts to increase awareness among consumers of credit unions as safe financial institutions that provide both good value and promote thrift."
Other growth highlights include:
- New York credit unions had annual outstanding loan growth of 8.1% in September 2012, nearly double the national average of 4.2% over the same time, CUANY said.
- The average member relationship (the outstanding combined loan and share/savings balances per member, excluding member business loans) also increased to $17,341 at the end of the third quarter.
- Credit unions in New York saw share/savings balances increasing at 8.8%--faster than the national average of 6.2%--as regular shares, money market accounts and share drafts grew at a double-digit annual pace.
- Capital levels remain high at New York credit unions, at 11.3% of assets. That is a higher level than New York banks and thrifts, as well as credit unions and banks nationwide, CUANY said.
- Business loans on the books of New York credit unions increased 16.9% from September 2011, with member business loan originations totaling more than $1.9 billion in the first nine months of 2012.