ALBANY, N.Y. (12/18/13)--The Credit Union Association of New York noted that the state's credit unions continue to surpass national numbers in growth of membership and shares.
Annual membership growth clocked in at 3.3%, compared with 2.1% on the national stage, according to the analysis of third-quarter numbers.
Where share balances increased an average of 4.1% nationally, New York credit unions experienced 5.3% growth. As of Sept. 30, their total shares outstanding totaled $55.8 billion, the association said.
The average New York credit union branch originated more loans ($13.2 million) than the national credit union average of $12.9 million, and member business lending continued to strengthen. Just over 14% of the state's loans are classified as business loans--more than double the national average of 6.2%. A September-to-September comparison showed a 13% increase in member business loans.
"Credit unions across New York and the nation are continuing to build on the momentum they've gained since the recession," said CUANY President/CEO William J. Mellin.
New York's second-quarter numbers also were higher than the national averages, according to the association.
Other states with notable third-quarter growth include Iowa, Missouri, Minnesota, Idaho, and Cornerstone Credit Union League's members--Arkansas, Oklahoma and Texas (News Now Dec. 17).