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New York credit unions continue record growth in assets, membership

January 9, 2013
Westfield Republican / Mayville Sentinel News

ALBANY - New York credit unions continued to show an upward growth trend for assets, shares, members and loans in the third quarter of 2012, according to the most recent Credit Union Performance and Trends Report released by Callahan and Associates. New York credit unions exceeded national averages in all four of the above categories-notably, setting new records of $61.5 billion in assets and nearly 4.8 million members.

"This growth reflects the changing attitudes consumers have towards big banks," said William J. Mellin, president/CEO of the Credit Union Association of New York. "It also shows how credit unions have stepped up their efforts to increase awareness among consumers of credit unions as safe financial institutions that provide both good value and promote thrift."

Additional highlights from the report include:

New York credit unions had annual outstanding loan growth of 8.1 percent in September 2012, nearly double the national average of 4.2 percent over the same time.

The average member relationship (the outstanding combined loan and share/savings balances per member, excluding member business loans) also increased to $17,341 at the end of the third quarter.

Credit unions in New York saw share/savings balances increasing at 8.8 percent, faster than the national average of 6.2 percent, as regular shares, money market accounts and share drafts all grew at a double-digit annual pace.

Capital levels remain high at New York credit unions, at 11.3 percent of assets. This is a higher level than New York banks and thrifts, as well as credit unions and banks nationwide.

Business loans on the books of New York credit unions increased 16.9 percent from September 2011 levels, as member business loan originations totaled over $1.9 billion in the first nine months of 2012.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 95 years. New York credit unions have assets of more than $61 billion and serve 4.7 million members. To learn more about the Association, visit www.cuany.org.

 
 
 

 

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