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Vermont CUs continue to grow
BARRE, Vt. (6/23/10)--Membership in Vermont’s credit unions grew 3.1% last year to 290,105, compared with 1.4% nationwide, according to a Sunday article in the Vermont Times-Argus. Joseph Bergeron, president of the Association of Vermont Credit Unions, said credit unions have benefited from public anger and concern over the financial debacle on Wall Street. Bergeron said that’s resulted in consumers moving their savings from large out-of-state institutions to the safe haven of the state’s credit unions. Credit union deposits in Vermont totaled $2.1 billion at the end of 2009, up 16% from $1.8 billion in 2008, according to the state banking division. Thomas Candon, deputy commissioner of the Department of Banking, Insurance, Securities and Health Care Administration, said the state’s credit unions are “doing well, particularly compared to credit unions in other parts of the country.” The article also noted VSECU, formerly Vermont State Employees CU, Montpelier, and Green Mountain CU, South Burlington, have experienced growth. Vermont has 29 state and federally chartered credit unions with $2.4 billion in assets. The 21 state chartered credit unions have $875 million in assets as of the end of 2009, the newspaper added. To read the article, use the link.
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