FARMERS BRANCH, Texas (1/12/12)--In the past two years, Texas credit unions made strides in several areas, growing in assets, loans and deposits, according to the Texas Credit Union Profile for Third Quarter.
The Texas Credit Union announced several highlights from the report (LoneStar Leaguer
Jan. 11). During the past two years:
- Assets in Texas credit unions grew by $8 billion, while Texas bank assets grew $14 billion;
- Loan portfolios grew by more than $2 billion; banks' portfolios shrank by $7 billion;
- Deposits grew by near $8 billion for credit unions in the state, compared with a $36 billion increase in deposits at the state's banks;
- On average, credit unions increased their net income by 14 basis points to 65, and their net worth ratio shrank by one-tenth percent, to 9.7 from 9.8.
The league also noted that credit unions have a 12.7% market share of all used-car loans; 11% of unsecured loans; 9.2% of credit card loans; and 7.4% of new-car loans in the state.