Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
W.Va. CUs loan growth remarkable says league
PARKERSBURG, W. Va. (2/18/10)--Loan growth at West Virginia credit unions is “remarkable,” the West Virginia Credit Union League told the Charleston Gazette Sunday. As of Sept. 30, loan growth was 5.5%--or $1.5 billion, Rich Shaffer, league senior vice president of marketing and communications, told the newspaper. The growth is remarkable because the last four quarters were some of the worst economic declines in history, he added. Assets also grew by 8.5% last year and savings increased by 7.6% in the same time period. West Virginia has 107 credit unions as of Sept. 30 with combined assets of $2.6 billion and savings of $2.1 billion. Shaffer also commented on an independent national survey that showed credit unions scored higher than banks in 10 of 11 interest-rate categories. Banks do poorly in such surveys because their structure is to maximize profits for stockholders, whereas credit unions are nonprofit institutions, Shaffer told the paper (Feb. 14). The article, “Credit unions are low-cost alternative to banks,” also noted that credit unions have garnered positive media coverage from personal finance guru Suze Orman, who talked about credit unions on CNN’s “Larry King Live,” and Diane Sawyer, who mentioned credit unions in a story appearing on ABC’s “World News Tonight.” Orman and Sawyer said that many consumers are moving their money to credit unions from banks because they are tired of banks’ poor customer service and high fees.
Other Resources

RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
3 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
6 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
6 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
7 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
8 hours ago