FARMERS BRANCH, Texas (3/13/14)--Credit unions across Texas, Oklahoma and Arkansas witnessed growth in deposits, members, loans and assets in 2013, a Cornerstone Credit Union League year-end report found, potentially indicating good things to come in 2014.
"With an economic upturn in 2014, credit unions in the region are heading into a good growth year," said Rick Grady, Cornerstone's vice president of research (Leaguer March 12).
Deposits in the region last year increased almost 6.1%, up to $82.6 billion. At banks, deposits grew 7.4% to $781.2 billion, according to Grady.
Memberships at credit unions grew by 370,000 individuals in 2013, hoisting up member numbers to 9.56 million throughout the region. That influx also ushered in more than $4.3 billion into deposit accounts.
Market share for credit unions, meanwhile, stayed relatively flat at 9.6% in 2013, Grady said. Credit unions operate 2,046 branches in the region with an average of $40.4 million in funds on deposits, while banks run 9,088 branches with average funds on deposit of $86 million. Out-of-state banks average $112.3 million in deposits per branch.
The disparity in market share also revealed itself in loan demands, with credit unions holding 9.6% and banks at 90.4%. Credit unions still increased loan demand 9.7%, up to $61.2 billion, in 2013.
Member assets in Cornerstone credit unions rose more than $5.1 billion last year, reaching $95.3 billion by year's end.
Despite modest job growth last year, credit union employment increased by 4.7%.