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CU System
Growth of CUs topic of three newspaper reports
MADISON, Wis. (7/27/10)--The growth of individual credit unions across the nation was the topic of the three recent newspaper reports. Summit CU, Madison, Wis., through a series of mergers and by growing its existing business, has become the largest credit union in Wisconsin, with assets of roughly $1.5 billion, according to the Milwaukee Journal Sentinel (July 24). In June, Summit finalized a merger with State Central CU in West Allis, Wis., acquiring nearly $69 million in assets and adding four branches in the metropolitan Milwaukee area. Summit can keep new potential markets in sight because its state charter allows it to add any person in the state who wants to become a member, the newspaper said. Despite the recession, some Ohio credit unions still are seeing growth, according to the News Herald (July 26). Geauga CU, a $27.6 million asset, Burton, Ohio-based credit union, has seen an upsurge in loan requests during the past year, although it hasn’t been able to grant them all. Eaton Family CU, a $39.6 million asset, Euclid, Ohio-based credit union, is continuing to see an increase in demand for personal loans and its credit card line, the Herald said. Some Maryland credit unions are giving banks more competition for deposits and loans, according to The Capital (July 25). U.S. Coast Guard Community CU, a $33.3 million asset, Baltimore-based credit union, told the newspaper its low interest rates on loans, higher rates on savings accounts, and return of all profits to members are features that “make credit unions a great deal in turbulent times for banks.” Rod Staatz, CEO of State Employees CU in Linthicum, Md.--the state’s largest credit union--told the paper that although credit unions tend to be more conservative than banks, his credit union is growing. To read the articles, use the links.
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