NY Credit Unions Exceed National Figures for First-Quarter Growth

ALBANY, NY (06/18/2009)(readMedia)-- Despite the current recession, New York's credit unions saw growth in assets, loans, savings and membership, according to New York's First Quarter 2009 Profile prepared by the Credit Union National Association. In each category New York credit unions exceeded national credit union statistics for the same time period.

The report indicated that, despite a challenged economy, credit union loans in the state grew by 8.7 percent in the first three months of the year, which was 2.5 percent over the national growth rate of 6.2 percent. For the same time period, credit unions posted a 10.9 percent net worth to assets ratio, well over the 7 percent nationally required to be considered well-capitalized and over the national figure of 9.7 percent.

New York credit unions saw an 11.6 percent growth in savings in contrast to the 8.3 percent realized on the national level. Assets jumped by 10.6percent, besting the national 7.9 percent growth rate. Additionally, New York credit unions saw membership increase by 2.3 percent, the strongest surge in the past three years, and exceeding nationwide numbers of 1.8 percent.

Collectively, credit unions in the state also surpassed the national average by posting an ROA of .71 percent.

"These figures reflect the fact that New York's credit unions have not only remained well capitalized throughout the financial turmoil that has captured headlines and the public's attention for the past year, but have grown in assets and loans," said William J. Mellin, president/CEO of the Credit Union Association of New York. "They also show that credit unions continue to be there for their members and for New Yorker's recently discovering the credit union difference. I believe that our credit unions will remain strong, active and vibrant financial institutions and that they will experience continued growth throughout 2009."

The Credit Union Association of New York has served as the trade association for the state's credit unions for 92 years. It is the fourth largest association in the country. New York credit unions have assets of more than $44 billion and 4.3 million members. To learn more about the Association, visit www.cuany.org.

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