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L.A. journal notes consumers flight to quality
LOS ANGELES (9/23/09)--Consumers are flocking to non-profit financial institutions, including credit unions because they perceive them as safer than commercial banks. The Los Angeles Business Journal reported Sept. 14 that Los Angeles County credit unions experienced a jump in their deposits of 4%, or $1.2 billion, in the first half of the year. The data the paper cited were from the California Credit Union League. Consumers are trying to save more in the tough economy, Daniel Penrod, California league analyst, told the Journal. When the boom first hit, savings wasn’t a priority. However, “as the economy turned, people have realized that they can’t use their home as an ATM anymore,” Penrod added. Flocking to credit unions is a “flight to quality,” he said. Credit unions’ capital ratio has risen to 9.25% in the second quarter, which outpaces the state average of 9.08%. Anything above 7% is considered well-capitalized for credit unions, the paper said.
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