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New Hampshire CUs see record growth of 10.7
MANCHESTER, N.H. (4/19/10)--New Hampshire's credit unions grew 10.7% in aggregate assets during 2009--exceeding credit unions' overall national growth rate of 8.9%, according to the New Hampshire Credit Union League. The league cited year-end results from the National Credit Union Administration, which indicated that aggregate growth in assets for the state's credit unions grew to $4.68 billion--from $4.22 billion in 2008 (Business Wire April 15). Deposits at New Hampshire's credit unions rose $437 million. Loans increased by $276 million. Their membership rolls increased by 26,000 members to 452,000. "As the financial crisis unfolded in last year, more people discovered and embraced the credit union difference," said league President Daniel F. Egan Jr. "Simply put, locally member-owned credit unions devote all of their energy and resources to making sure that they meet the financial needs and expectations of their members here in New Hampshire right on Main Street." Savings were up 13.2% since the beginning of the year, compared with more than 10% nationally. Egan noted credit unions' competitive savings rates and cited data from the Credit Union National Association highlighting credit unions' performance over banks, and an October 2009 study by Pew Charitable Trust noting the credit union advantage on card services. Loans outstanding at New Hampshire credit unions grew by 9.7% to $3.13 billion in 2009, outpacing the national rate of 1.2%. Business loans at the Granite State's credit unions rose by 11.9% during the period. Egan noted that credit unions are ready and able to make more business loans, but they are bumping against an arbitrary cap that limits member business loans to 12.25% of assets. Credit unions are working to get the cap increased to 25% by Congress, he said.


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