New York Credit Unions See Continued Growth in First Half of 2011

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ALBANY, NY (10/14/2011)(readMedia)-- Despite increased economic ambiguity, New York credit unions finished the first half of 2011 showing growth and exceeding national averages in the key performance areas of assets, members and loans.

Assets at New York credit unions grew by $2.6 billion from Jan. 2011 thru June 2011. For the one year period from June 2010 through June 2011, the assets at New York's credit unions grew 6.64 percent, higher than the national asset growth average of 4.22%.

Capital levels remained strong at New York credit unions too. Holding at 11.2 percent of assets, this level exceeds not only credit unions nationally, but that of New York banks and banks nationwide. Asset quality also remains a strong point at New York's credit unions with an overall delinquency rate of 1.22 percent, which is well below national credit union and bank averages.

New York outpaced the national 12-month membership growth rate of 0.59 percent as well, realizing a 2.41 percent jump in membership for the same period.

Annualized loan growth was even more impressive as New York credit unions achieved a combined loan growth of 3.63 percent versus a national credit union growth rate of negative 0.47 percent. It's important to note that member business loans in New York are a key part of credit unions' loan portfolio. In aggregate, 12.1 percent of New York's loans are classified as business loans, significantly above the national average of 5.7 percent.

"We believe that this new growth is just the start of a trend as other financial institutions introduce new fees and increase many already in existence," said William J. Mellin, president/CEO of the Credit Union Association of New York. "Since Bank of America announced their $5 debit card monthly fee, more and more individuals are discovering that the value and benefits offered by credit unions are worth a second look when it comes to choosing a financial institution."

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