ALBANY, N.Y. (8/13/14)--New York credit unions announced the milestone achievement of reaching 5 million memberships at the same time that credit unions nationally surpassed the 100 million membership mark. The two benchmarks have attracted coverage for credit unions from media outlets throughout the Empire State, the Credit Union Association of New York (CUANY) reports.
The New York Post, the sixth most-circulated daily newspaper in the country, highlighted both milestones in an article published on Sunday.
"Credit unions are snapping up customers at a rapid clip," wrote reporter Catherine Curan. "And that's thanks to lower interest rates on loans and higher yields on savings than many banks offer."
Robert G. Allen, president/CEO of Teachers FCU, Hauppauge, with $4.9 billion in assets, told the Post that consumer awareness of credit unions has grown significantly as nationwide membership has increased.
On the opposite side of the state, the Buffalo Business First article, "NY credit unions crack 5 million plateau," was published on the websites of several other American City Business Journals newspapers, including the Albany Business Review and the New York Business Journal.
The article, written by Allissa Kline, mentioned both the 5 million and 100 million figures, and it included a quote from CUANY President/CEO William J. Mellin: "We have a statewide movement that is five million memberships strong and growing every day."