ALBANY, N.Y. (3/29/13)--Credit unions across New York State continued to post strong financial performance and exceed national averages in many key categories during fourth quarter 2012, said the Credit Union Association of New York.
Data show that New York credit unions are growing and lending at a pace that far exceeds national averages. Most notably, New York credit unions had annual outstanding loan growth of 6.5% in 2012, significantly higher than the national average of 4.5%. Loans to businesses were up by 14.6% over 2011 totals.
"This report clearly shows that credit unions are playing a significant role in helping grow the economy and provide critical funds to families and businesses in the communities they serve," said William Mellin, CUANY president/CEO. "Credit unions are truly about people helping people--and having New York outpace national trends demonstrates that New York consumers understand this philosophy more and more each year."
CUANY said the data are from a quarterly Credit Union Performance and Trends Report by Callahan & Associates.