New York Credit Union Growth Continues Through Third Quarter of 2011

Member Growth Triples National Average

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ALBANY, NY (01/04/2012)(readMedia)-- According to third-quarter statistics just released by the Credit Union Association of New York, New York credit unions exceeded national trends as they continued to experience across-the-board increases in key categories including loans, assets and member growth.

"With an improving economic environment and an increased anti-bank sentiment, we expect New York credit unions to end 2011 on a positive note," said William J. Mellin, president and CEO of the Credit Union Association of New York. "We expect that trend to continue into 2012 as consumers seek the value and benefits credit unions offer as other financial institutions raise current fees and introduce new ones to a fee weary public."

Annual growth figures for assets, shares, members and loans from January 2011 through September 2011 all exceeded national credit union averages. New York credit union assets grew 6.48 percent, shares 6.82 percent, members 2.07 percent and loans 4.16 percent vs. 4.71 percent asset growth, 4.97 percent share growth, 0.65 percent member growth and -0.05% loan growth on the national level.

New York credit unions originated $3.3 billion in first mortgages through the end of September, up 5.8 percent from the same time last year. They also originated $1.7 billion in member business loans, a key part of New York credit unions' loan portfolios, throughout the first nine months of the year, increasing their lending volume 10.3 percent from September 2010 levels.

Capital levels at New York credit unions continue to remain impressively high at 11.4 percent of assets-a higher level than New York banks and thrifts, as well as credit unions and banks nationwide.

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 $56 billion and serve 4.5 million members. To learn more about the Association, visit www.cuany.org.

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