NY credit unions add nearly 1 million memberships in past decade

ALBANY, NY (10/01/2014)(readMedia)-- For Immediate Release

October 1, 2014

Contact: Ronald McLean, Senior Vice President

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

NY credit unions add nearly 1 million memberships in past decade

ALBANY, N.Y. – Credit unions statewide continue to lead the industry in many key metrics, particularly in the areas of membership and lending growth, according to the Credit Union Association of New York's 2014 Second Quarter New York Credit Union Profile. The report is provided to New York credit unions as a benefit of CUANY membership.

According to the second quarter report, there are now more than 5 million credit union memberships in New York. Other highlights include:

• Membership growth: New York credit union memberships grew by 0.5 percent over the quarter. The 2.6 percent 12-month membership growth rate was the third-fastest annual increase in the past decade, and it is nearly seven times higher than the state's population growth rate. Overall, New York credit unions have added nearly 1 million memberships in the past decade.

• Loan portfolios: Loan portfolios grew by 2.6 percent in the second quarter (a 10.4 percent annualized increase), significantly higher than the 0.9 percent increase in the first quarter of 2014. Over the past year, loan portfolio growth was reflected among credit unions of every asset category. The 8 percent year-over-year growth in loan portfolios was nearly 20 percent higher than the growth recorded in 2013.

• Loan originations: Overall, the state's credit unions recorded $7.2 billion in total loan originations-$2 billion of which were first mortgage originations-in the first two quarters of 2014.

• Auto loans: New auto loans grew by 4.4 percent, and overall auto lending grew by 4.9 percent through the quarter.

• Business lending: Member business loans grew by 4.3 percent over the second quarter, significantly higher than the national average of 3.1 percent. In the past 12 months, credit unions in New York have increased their business lending by 13.7 percent.

• Assets: Overall, New York credit union assets grew by 3.9 percent to $68 billion.

"New Yorkers need an alternative to the for-profit bank model. Fortunately, the state's credit unions are there to fill that void, and millions of consumers are benefitting from the credit union difference," said CUANY President/CEO William J. Mellin. "The encouraging statistics reflected in this report once again illustrate just how strongly New York credit unions are dedicated to local businesses, their communities and their members."

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 $68 billion and over 5 million memberships. 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.