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Pennsylvanians increase CU use in 3Q
HARRISBURG, Pa. (1/11/10)--While the financial services marketplace was turbulent in 2009, there was one bright spot--credit unions. Credit unions in Pennsylvania have not only weathered the storm, but have thrived during it, said the Pennsylvania Credit Union Association (PCUA). Throughout 2009, the state’s credit unions continued to grow in assets, loans, savings and members. Third-quarter data from the National Credit Union Administration, indicated that credit unions in Pennsylvania increased in all major areas: 13% in assets, 10% in loans, 15% in savings, and 2% in membership, according to the Pennsylvania Profile, published quarterly by the Pennsylvania Credit Union Association (PCUA). “The fallout from Wall Street has led many consumers to seek out financial institutions locally owned and operating within their communities,” said PCUA President/CEO Jim McCormack. “With more than 500 credit unions located throughout the state, there is truly a credit union for every Pennsylvanian.” The profile showed credit union membership in Pennsylvania grew 2.3% over a 12-month period ending Sept. 30, compared with a national credit union member growth rate of 1.6%. Pennsylvania now has 3.5 million members served by 556 credit unions. Total assets in Pennsylvania credit unions grew to nearly $31 billion, up 13% from September 2008’s figure of $28 billion. Savings totaled $27 billion, up 15% from $24 billion in third quarter 2008 despite nearly double-digit unemployment in the state. New- and used-auto loans grew in the third quarter, with new-auto loans increasing 2.5% in the state, faster than the national average, which fell 0.1%, and double the growth reported in the state during the third quarter of 2008. Loans grew faster than savings, pushing the loan-to-savings ratio up to 69.4%, from its lowest point of 67.4% in the second quarter. Certificates of deposit (CDs), individual retirement accounts, and money market shares grew significantly more than the national rate, PCUA said.
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