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iAkron Beacon-Journali CUs Growing
AKRON, Ohio. (7/26/11)--Ohio credit unions have outpaced national averages for nine quarters, with local credit unions part of that trend, an Akron Beacon-Journal article noted Monday. The reason for that growth is a trend among consumers to move their money to community-based financial institutions, Paul Mercer, president of the Ohio Credit Union League, explained in the article, headlined “Credit Unions seeing growth; institutions no longer mom and pop shops.” Mercer said the distress caused by the financial crisis caused consumers to direct their finances to locally based financial institutions. In Ohio, credit union membership was up 1.2% in 2010, outpacing the national growth rate of 0.66%, according to the Ohio Credit Union League CSE FCU in Canton was among the credit unions cited in the article. The credit union grew membership by more than 10.69% in 2010. Among Ohio credit union with more than 100 million in assets, CSE ranked No. 1 in share or deposit growth at 16.93%, third in loan growth at 12.7% and fifth in membership growth at 6.93%. Much of that growth can be attributed to a decision six years ago to work more diligently to meet the needs of underserved members, according to Paul Snyder CSE FCU’s vice president of marketing. That decision helped the credit union grow its loan portfolio. Medina County FCU, Wadsworth, was also cited in the article. Medina has grown its assets from just under $40 million in 2007 to $58 million in May, according to Brad Riley, the credit union’s vice president of finance and administration. To read the full article, use the link.
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