ALBANY N.Y. (4/11/14)--New York credit union year-end numbers are in, and they're big.
Credit unions in the Empire State reeled in one of their strongest years since the economic downturn in 2008, and also outpaced credit unions nationally, according to the 2013 New York Credit Union Year-End Profile.
Out of all the areas where the state's credit unions saw growth, gains in membership were perhaps most notable.
According to the Credit Union Association of New York, which compiled the numbers, annual membership jumped 4.5%, or by 216,000 new members, the largest increase in 17 years.
This upswing, pushing total membership to 4.9 million in New York, trumped the national average of 2.5% for credit union growth in membership in 2013.
"These numbers show that New York consumers continue to take note of the outstanding financial services, low fees and high returns offered by the state's credit unions," CUANY President/CEO William J. Mellin said. "Beyond providing over $300 million in direct financial benefits to members each year, credit unions are making a difference in communities across our great state."
Assets at credit unions in New York jumped by 4.6%, loan growth snapped higher by 6.8% and member business lending leapt by 13.9%.
Shares increased by 4.4%, and year-end capital levels sat at 11% of assets, the highest since 2008.
All categories outperformed national averages.