FARMERS BRANCH, Texas (12/5/12)--Texas credit unions continue to grow, with state membership in cooperative financial institutions nearing $8 million consumers, and that surge is a result of the trust credit unions have built in the minds of consumers, according to Dick Ensweiler, president/CEO of the Texas Credit Union League.
"Consumers want to do business with a financial institution they can trust," notes Ensweiler. "Texas credit unions have experienced remarkable growth in 2012 because consumers appreciate the fact that credit unions put people over profit."
Texas credit unions have grown in membership more rapidly in the past nine months than at any time since the beginning of the recession, Ensweiler said. Through September, Texas credit union membership grew 3.3% for the year, outpacing the high water mark of 2.9% in 2008 and 2009.
"The current growth rate exceeds the national average of 2.7% and brings the total membership to 7.96 million Texas residents," notes Ensweiler. "At the current growth rate, membership in Texas credit unions could easily top eight million Texans by year-end."
Membership growth is also reflected in financial results. Texas credit unions' assets now exceed $76 billion. Members have added $2.8 billion to savings deposits in their credit unions since the beginning of the year. Credit union loan portfolios have grown by $2.5 billion--to a consolidated $47.4 billion.
While membership, savings, and borrowing have increased, delinquencies and net charge-offs have decreased. Total loan delinquencies are 0.84% while net charge-offs are nearly one-half of one percent. First mortgages are better, with over 99.2% of all first mortgages in good standing.
"Texas credit unions are responsive to the needs of their communities, and their commitment to the financial success of Texas families has resulted in tremendous growth across the board," adds Ensweiler.