ONTARIO, Calif., and TALLAHASSEE, Fla. (6/26/15)--State credit union leagues continue to report positive first-quarter growth in memberships and loans.
Credit unions in Florida passed the milestone of 5 million members in the first quarter of 2015. Alabama also reported it reached a record high of 1.93 million members.
“Passing the 5 million member mark in Florida is a significant milestone,” said Patrick La Pine, president/CEO, League of Southeastern Credit Unions. “What we are seeing is more people are searching for a local financial institution that has their best interest in mind. Once a person joins a credit union, not only are they a member-owner, but they rarely leave because the member-service experience is so good.”
Florida credit unions added $542 million in new loans, $85 million of which was in member business loans. In Alabama, credit unions have pulled in $280 million in new loans in the past four quarters.
In the West, meanwhile, the Fontana Herald News noted that Californian credit unions are experiencing growth, particularly in loans for big-ticket purchases (June 25). New-auto loans increased 6.8% in the first quarter, with used autos following at 4.2%. First mortgages also came in strong at 2.2%, and member business loans increased 1.3%.
"Consumers have continued to buy autos at the strongest pace in a decade," Dwight Johnston, chief economist for the California and Nevada Credit Union Leagues, told the Herald News. "But consumers are being conservative when it comes to discretionary goods. This is showing up in credit card balance declines and share growth. Rather than spend savings from lower energy prices, consumers are showing an inclination to save the windfall."