LYNCHBURG, Va. (6/15/15)--The first quarter marked a record-setting three months for Virginia’s credit unions, which reached new highs in assets, loans and memberships, according to National Credit Union Association numbers reported last week by the Virginia Credit Union League.
Assets climbed to $113.7 billion in March, up from $109.5 billion in the fourth quarter. Loans rose to $82.1 billion in the first quarter from $80.2 billion in the fourth quarter. And total memberships increased to 9.3 million in 1Q from 9.1 million the prior quarter. (See related story: NCUA state data show where CU growth is strongest.)
“The financial strength, convenience and the consumer-friendly products and services offered by Virginia’s member-owned credit unions continue to drive membership growth,” said Rick Pillow, league president.
While Virginia’s credit unions have added memberships at an “exceptionally high” rate since the financial crisis in 2008, the 8.5% annual growth rate seen in 2014 was the fastest on record since the 1980s, according to the league.
Virginia-based credit unions experienced loan growth in six of seven loan categories, with member business lending rising by 22.3% annually in the first quarter, and new-auto loans jumping 20.6% over that same 12-month stretch.
First mortgages, meanwhile, climbed 18.9%.
Overall, Virginia’s credit unions provided members $900 million in direct financial benefits in 2014 through lower loan rates, higher savings rates and fewer fees compared with their banking counterparts, according to CUNA numbers.