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Pennsylvania CUs uptick in deposits tied to market
HARRISBURG, Pa. (7/25/08)--Credit unions in Pennsylvania reported an increase in deposits, many as a direct result of banking woes, the Pennsylvania Credit Union Association (PCUA) said Thursday. According to an informal poll of the state’s credit unions, credit unions are actually benefiting from the troubled economy, PCUA said (Life is a Highway July 24). In summer, deposits often fluctuate as members relocate and production facilities shut down for vacation, but the state’s credit unions are reporting fewer changes than in previous years. “It appears that the marketplace understands that credit unions are local financial institutions with a strong track record that consumers can trust,” said Jim McCormack, PCUA president/CEO.
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