Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Ohio CUs' 3Q financials post record loans
COLUMBUS, Ohio (1/11/13)--Ohio credit unions posted record results in loan originations in the first three quarters of 2012, according to the most recent Ohio Credit Union Quarterly Performance Summary published by the Ohio Credit Union League.

The credit unions also increased their core deposit balances and saw robust membership growth (eLumination Newsletter Jan. 9).

"The Ohio membership growth experience is something we're seeing at the national level as well--consumers (both borrowers and savers) are moving to credit unions--voting with their feet and discovering that credit unions are the best choice for their financial services," Mike Schenk, vice president of economics and statistics at the Credit Union National Association, told News Now

"In the year ending September 2012, credit union memberships grew by 2.5 million--a 2.7% rate of growth," he added. "The percentage increase compares to a U.S. population growth rate of a bit less than 1% over the same period. Credit union membership growth--both in absolute and percentage terms--is the fastest we've seen in roughly 15 years."

Ohio credit unions' financial performance was in line with, or better than, many national trends, the league said. They originated more than $1.6 billion in first mortgages, a 68.8% increase over mortgages in the first nine months of 2011, helping drive total loan originations up 33.5%.

Core deposits drove shares' increase at a faster rate than the national average, with a 9.6% annual increase in regular savings accounts, the league added.

Ohio membership continued to increase, with the addition of more than 39,000 members in 12 months.
RSS print
News Now LiveWire
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
30 minutes ago
Before @TheNCUA meeting adjourned, board member Fryzel said goodbyes, praised dedicated CU officials. 1of 2
32 minutes ago
.@TheNCUA revised budget is down by $1.1 mil for year ending Dec 31, 2014. That brings total revised budget to $266,920,296.
1 hours ago
.@TheNCUA says it will update it NCUA Guaranteed Notes (NGA) report on its website in October.
1 hours ago
Also carved out from the @TheNCUA fixed-asst plan, CUs with less than $1 million in assets.
1 hours ago