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Vermont CUs have highest growth rate in nation
SOUTH BURLINGTON, Vt. (3/5/09)--Asset growth at all Vermont credit unions in 2008 was 17%--the highest growth rate in the nation and double the national median of 8.7%, according to a 2008 Call Report Data Summary from the Credit Union National Association (CUNA). The data, summarized by CUNA’s Economics & Statistics department, also indicates Vermont credit unions were above national medians in other areas (Newslines Express Feb. 27). Vermont ranked second in the fewest net charge-offs as a percentage of average loans, third in fewest delinquent loans, ninth in loan-to-savings ratio and 15th in 12-month loan growth. The state’s rankings for fixed-rate first mortgages (No. 23) and return on assets (No. 26) fall just above and right at the national medians of 13.1% and 0.49, respectively. Although Vermont’s credit union membership grew at a rate of 1.7% in 2008, this lags slightly behind the national median of 1.9%. Given the asset growth Vermont credit unions experienced last year, the state’s net worth ratio of 9.9% was negatively influenced by large deposit numbers, the Association of Vermont Credit Unions said. However, the state’s average net worth is still nearly 3% above what the National Credit Union Administration determines as “well capitalized.”
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