NY Credit Unions continue to grow loans, memberships

ALBANY, NY (10/13/2015)(readMedia)-- For Immediate Release

Oct. 13, 2015

Contact: Ronald McLean

(800) 342-9835, ext. 8191 | Ronald.McLean@nycua.org

NY Credit Unions continue to grow loans, memberships

ALBANY, N.Y. – New York's credit unions continued to report expanded membership figures, solid loan growth and healthy net-worth ratios in the second quarter, according to the New York Credit Union Association's Second Quarter 2015 New York Credit Union Profile report. The report is provided to New York credit unions as a benefit of NYCUA membership.

According to the second quarter report, there are nearly 5.2 million credit union memberships in New York. Other highlights include:

• Membership growth: New York credit union memberships grew by 0.7 percent over the quarter. The 3.3 percent 12-month membership growth rate was the fastest annual increase since 2013, and well above the state's 0.3 percent population increase. The figure is also slightly higher than the national membership growth rate of 3.2 percent.

• Loan growth: When measured from the end of the second quarter of 2014 to the end of the 2015 second quarter, New York credit union loans increased by 9.8 percent on the year-the fastest annual increase in eleven years.

• First mortgages: Mortgages grew by an average of 2.7 percent in the quarter, up from the 1.8 percent growth rate recorded in the first quarter and the 1.3 percent growth rate recorded in the second quarter of 2014.

• Auto loans: New auto loans continued to climb steadily, with a 5.2 percent quarterly increase, while used auto loans increased by 4 percent on the quarter. Nationally, new and used auto loans increased at a rate of 4.1 percent and 4 percent, respectively.

• HELOCs/second mortgages: Home equity lines of credit and second mortgages soared year-over-year, increasing by 9.2 percent-far greater than the 2.3 percent increase nationally.

• Capital levels: The state's credit unions remain well-capitalized, with an aggregate net worth-to-asset ratio of 11 percent, which is slightly higher than the national average of 10.9 percent.

"Consumers are continuing to gravitate toward the not-for-profit financial cooperative model of credit unions," said NYCUA President/CEO William J. Mellin. "These numbers illustrate how the state's credit unions continue to grow and expand, while reaching more New Yorkers than ever before."

Developed in partnership with the Credit Union National Association, each report delivers the most relevant and up-to-date analysis of key statistics and trends that impact credit union performance.

The New York Credit Union Association has served as the trade association for the state's credit unions for 98 years. With more than 5 million memberships, New York credit union assets total more than $71 billion. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.