ALBANY, NY (07/22/2011)(readMedia)-- New York credit unions had an outstanding year ending, almost doubling the percentage of loans originated nationally by credit unions. Loan originations increased 22.5 percent from the first quarter of 2010 vs. a 12.7 percent increase on the national level. New York credit union growth figures for assets and shares all exceeded national averages as well.

Member business loans are a key part of New York credit unions' loan portfolio with New York credit unions originating $735 million in member business loans through March 2011. This business lending volume was a 62.3 percent increase from March 2010 levels. Over half of the member business loan portfolio is made up of commercial and industrial loans.

Additionally, New York credit unions originated $1.3 billon in first mortgages through the end of March 2011, up 38.6% from March 2010.

New York's credit unions also experienced membership growth at an annual growth rate of 2.43 percent since the previous March, which is over four times the national average of 0.56 percent for the same time period. Assets grew 6.95 percent vs. 4.59 percent nationally and shares grew 7.82 percent vs. a national average of 4.92 percent.

With an average core capital ratio of 11.1 percent, New York credit unions remain more highly capitalized than New York banks and thrifts, as well as credit unions and banks nationwide.

"These numbers show how well our credit unions have weathered and continue to weather the current recession," said William J. Mellin, president/CEO of the Credit Union Association of New York. "During this challenging economy, where consumer trust in traditional financial institutions has slipped, more and more people are learning about credit unions' and their commitment to their members and the communities they serve."

Credit unions are not-for-profit financial institutions that exist solely to serve their members by offering better rates, lower fees and a wide variety of financial services.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 94 years. New York credit unions have assets of more than $53 billion and serve 4.5 million members. To learn more about the Association, visit www.cuany.org.

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Posted Friday July 22, 2011 at 03:02 pm by Credit Union Association of New York
Last Updated Saturday July 23, 2011 at 08:38 am