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Flight to safety means deposits to Mississippi CUs
JACKSON, Miss. (12/5/08)--Credit unions in Mississippi are seeing more deposits and members as consumers exit the stock market for more conservative investments, according to the Clarion-Ledger (Dec. 2). Mississippi Credit Union Association President/CEO Charles Elliott told the publication that the state’s credit unions have received additional deposits as a result of consumers’ “flight to safety.” Membership rose about 2% in the state and nationally, he said. Deposits at Mississippi Telco CU, a $99 million asset credit union in Pearl, rose $14 million to more than $88.5 million between January and the end of November, said President/CEO, Kevin Long. He told the publication the largest amounts came from existing members who pulled money from other investments and financial institutions. The deposits at Telco averaged $100,000 to $150,000, although Elliott noted some deposits at credit unions have topped several hundred thousand dollars. The newspaper also interviewed Steve Pollman, CEO, Magnolia FCU, Jackson, who explained the $82 million asset credit union’s growth was from new accounts, rather than large deposits, and a hairdresser who said she would move her accounts to the credit union. She had considered moving to Wachovia Bank, but when it was taken over by Wells Fargo, she became more leery. “I think my money will be more secure in the credit union,” she told the newspaper. The article also discusses the credit union difference in terms of structure and better rates and lower fees.
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