NY CUs post strong year-end numbers

ALBANY, NY (04/10/2014)(readMedia)-- New York credit unions post strong year-end numbers

ALBANY, N.Y. – Credit unions statewide turned in one of their strongest financial years since 2008 and continued to outperform credit unions on a national level in many key areas, according to the 2013 New York Credit Union Year End Profile provided by the Credit Union Association of New York (CUANY).

Notably, New York credit unions' annual membership growth was the fastest recorded in 17 years, outpacing the state's population growth by a wide margin.

• Membership growth: New York credit unions had an annual membership increase of 4.5 percent, compared to the national average of 2.5 percent. In total, New York credit unions added 216,000 new members in 2013, and membership now stands at 4.9 million-one quarter of the state's population.

• Assets: Total assets held by New York credit unions increased by 4.6 percent during the year, significantly higher than the national average of 3.9 percent.

• Loans: New York credit union loans grew by 6.8 percent during the 12 month period, the fastest increase since 2009.

• Business lending: Members business loans increased by 13.9 percent in 2013, exceeding the national average of 10 percent.

• Shares: Shares grew by 4.4 percent in New York, compared to the 3.6 percent national average.

• Capital levels: Year-end capital levels are the highest since 2008, at 11 percent of assets.

"These numbers show that New York consumers continue to take note of the outstanding financial services, low fees and high returns offered by the state's credit unions," said CUANY President/CEO William J. Mellin. "Beyond providing over $300 million in direct financial benefits to members each year, credit unions are making a difference in communities across our great state."

The report is provided to CUANY member credit unions as a benefit of CUANY membership. Developed in partnership with the Credit Union National Association (CUNA), each report delivers the most relevant and up-to-date analysis of key statistics and trends that impact credit union performance.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 96 years. New York credit unions have assets of more than $65 billion and serve 4.9 million members. To learn more about CUANY, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.