Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Cornerstone CUs' assets top $98 billion in Q1
FARMERS BRANCH, Texas (6/12/14)--The Cornerstone Credit Union League announced Wednesday that its member credit unions topped $98 billion in assets in the first quarter, but an asset count is far from their only accomplishment through the first three months of the year (Leaguer June 11).

The league, which represents 628 credit unions in Texas, Oklahoma and Arkansas, also enrolled 100,000 new members--at a rate of 1,675 members per day--pushing membership up to 9,655,736.

Further, deposits swelled by $2.94 billion, which is about $47.5 million deposited every business day, loan growth climbed more than $1 billion, and credit unions originated nearly $7.8 billion loans, equal to one new loan every 10 seconds.

League CEO Dick Ensweiler says it's the commitment from credit unions to people that has led to the movement's continued growth and success in the three states represented by the league.

Additional Cornerstone Q1 numbers:
  • Managed more than $6.46 billion in retirement accounts;
     
  • Generated more than $621 million in net interest income;
     
  • Held a net worth ratio of 13.34%, which nearly doubles what the National Credit Union Administration deems well capitalized;
     
  • Provided employment to more than 27,000 people, spending more than $393 million in salary and benefits;
     
  • Spent more than $7.31 million to send employees to educational conferences;
     
  • Managed and serviced more than $31.94 billion in auto loans, including 685,000 new vehicles and 1.36 million used vehicles; and
     
  • Held regular reserves of more than $1.27 billion and undivided earnings of more than $7.63 billion.


RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
7 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
11 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
11 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
12 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago