INDIANAPOLIS (2/13/12)--Indiana credit unions have seen increases in membership and deposits during the past five years of the national recession, said the Indiana Credit Union League. The state's increase in membership reflects a national trend.
That good new comes even though at least 25 credit unions have merged or ceased independent operations, the league said (Indianapolis Star Feb. 10).
There currently are 184 credit unions in the state--down from 209 at the end of 2007 when the recession started.
Money deposited in Indiana credit unions is roughly $16.8 billion--a 25% increase from the beginning of the recession, John McKenzie, Indiana league president, told the Star.
Lower costs of credit union operations--relative to banks--because of lower operating costs and conservative management result in up to a $90 million benefit each year for credit union members, McKenzie told the newspaper.
The article also mentioned that Eli Lily FCU in Indianapolis--the third largest credit union in the state with $974 million in assets--has added services and has grown to serve 40,000 members despite Eli Lilly, the sponsoring company, cutting thousands of jobs from its work force.
The credit union added 15 new employees in the past three months, taking the total work force to 126, and expects to add $1 billion in assets by next year, the credit union told the paper.
To read the article, use the link.