NEW ORLEANS (9/14/15)--Louisiana’s credit unions have surpassed an aggregate $10 billion in assets for the first time, tripling their total assets since 1991, according to the National Credit Union Administration’s latest quarterly report.
The 199 credit unions in the state serve more than 1.2 million members, said economist Dr. Loren C. Scott in the New Orleans City Business (Sept.10).
Reaching the asset milestone “signifies our accomplishments and hard work in identifying the specific financial services each member wants and needs, while providing the best and most convenient services," said Louisiana Credit Union League (LCUL) President/CEO Anne Cochran in the article.
The credit union industry has grown significantly in the last 24 years in the areas of assets, savings levels and loan volumes, said the league.
Member savings volumes increased threefold the past 24 years, with 87% of total credit union assets today attributed to member savings. An additional $6.3 billion in assets was attributed to loans. In 2014, more than 282,000 consumer loans were granted to credit union members in the state.
Loan volume indicates that “credit unions are a healthy, growth sector in the state,” said Scott. “Loan volume has demonstrated a solid growth path over the past 24 years without a single year of decline," he added. Scott is president and founder of Loren C. Scott & Associates Inc. and professor emeritus in economics at Louisiana State University.
Member business loans at Louisiana’s credit unions totaled more than $180 million in 2014, said the article.