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Pennsylvania CUs report strong third-quarter growth
HARRISBURG, Pa. (12/29/08)--Pennsylvania’s credit unions reported growth in earnings, membership and loans for the period ending Sept. 30. The Pennsylvania Profile Third Quarter 2008 indicates that despite the recession, loans for the state’s credit unions grew 7.5% in the 12 months preceding Sept. 30, compared with the national growth rate of 7.1% (Life is a Highway Dec. 23). Loans totaled $17.1 billion-- up from $1 billion in September 2007. Loan delinquencies and chargeoff rates also edged up the past year. Pennsylvania credit unions continued to grow in member business loans--by 5% from third quarter 2007 and nearly 30% for the 12 months ending Sept. 30. The 30% figure is nearly double the national rate of 18.4% for that period. Credit unions in Pennsylvania experienced 18.2% growth in first mortgages, which compares with 15.8% in mortgage growth nationwide. Used-auto loans grew 7%, compared with a 4.4% growth nationwide over 2007. The savings growth rate for the period was 8%, compared with 5.8% nationally, largely due to growth in certificates (12.5% compared with a 3.9% national growth) and individual retirement accounts (13% growth for the state’s credit unions and 8.9% for credit unions nationwide). The movement gained 29,000 members in Pennsylvania during the year ending Sept. 30, and all asset categories posted new member growth.
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