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Washington
NEW Federally insured CUs enjoy new membership highs NCUA says
ALEXANDRIA, Va. (UPDATED: 12:35 p.m. ET, 3/1/12)--The number of credit union memberships nationwide grew to 91.8 million in the fourth quarter of 2011, the National Credit Union Administration (NCUA) reported, setting a new historical high to end a year that saw many move their money from larger banks into credit unions on Bank Transfer Day.

Credit union membership increased by 398,000 in the fourth quarter of 2011, and 1.3 million over the course of the year, the NCUA added in its analysis of the call report data submitted by the nation's 7,094 federally insured credit unions.

NCUA Chairman Debbie Matz noted "credit unions ended 2011 in a safer and stronger position than at the start of the year," as net income increased by 41.2% over 2010's total, finishing the year at $6.4 billion.

The NCUA also reported the following results between the fourth quarters of 2010 and 2011:
  • Net worth increased 6.9 percent to $98.4 billion from $92.0 billion;
  • Assets increased 5.2 percent to $961.8 billion from $914.3 billion;
  • Shares increased 5.2 percent to $827.4 billion from $786.4 billion;
  • Investments, cash on deposit, and cash equivalents increased 12.4 percent to $352.1 billion from $313.3 billion; and
  • Loans increased 1.2 percent to $571.5 billion from $564.7 billion.
For more on the NCUA's fourth quarter credit union statistics, use the resource link.
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