HUNTSVILLE, Ala. (10/31/14)--Credit unions are growing more popular in north Alabama, as a poll by AL.com (Oct. 30) recently found that there has been a steady growth trend in credit union membership, assets and loan volume since 2011.
Spurred by data from the League of Southeastern Credit Unions (LSCU) that found that 1 in 3 Alabamians belong to a credit union--pushing total membership near 2 million--AL.com decided to check out to five major credit unions in the northern part of the state.
What they found was that each has posted solid gains over the past year.
The credit unions surveyed by AL.com were:
The five credit unions gained nearly 20,000 new members last year, AL.com found, calling on data from LSCU and the Alabama Credit Union Administration. The jump in membership continued a trend of 15 straight quarters of positive membership growth.
Further, growth in assets has surged as well, as assets among the five credit unions climbed by $196 million between the final quarter of 2013 and the second quarter of this year.
Lending also posted strong gains over the same stretch, with the credit unions posting rising loan growth of about $104 million, or 7.1%.
The credit unions also hold an average net worth ratio of 10.76%.
Kristen Mashburn, Listerhill CU vice president of marketing, says the member vs. customer relationship at credit unions accounts for much of the growth.
"Part of it is the fact that we are not-for-profit," Mashburn told AL.com. "People see value in working with a member-owned credit union. They like the feel of being seen as members."