HARRISBURG (3/30/12)--Pennsylvanians increased their use of credit unions last year. In 2011, Pennsylvania's 526 credit unions grew in assets, loans, savings and members, according the Pennsylvania Credit Union Association (PCUA).
Assets grew by 6% to $36 billion. Membership increased by 2% to 3.7 million.
The increased growth is due in part to a greater awareness of credit unions brought on by consumer angst against increasing fees at commercial banks and other financial service providers, PCUA said.
Fourth quarter data collected by the National Credit Union Administration (NCUA), demonstrates that Pennsylvania credit unions grew from the prior in several areas, said PCUA. They grew:
- 6% in assets;
- 2% in loans;
- 6% in savings; and
- 2% in membership.
The national credit union statistics are just slightly below the Pennsylvania numbers, said PCUA. Nationally, credit unions grew by 5% in assets, 1% in loans, 5% in savings, and 2% in membership.
Roughly 7,234 U.S. credit unions serve 93 million members nationwide.
"Consumers continue to discover that credit unions offer lower fees and better service than other financial institutions. The continued fallout from Wall Street has led many consumers to seek out financial institutions operating within their communities," said PCUA President/CEO Jim McCormack. "With more than 500 credit unions operating in the commonwealth, there is truly a credit union for every Pennsylvanian."