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League Ohio CUs hold their own despite economy
DUBLIN, Ohio (7/7/08)--Ohio credit unions are doing well despite a struggling economy, the Ohio Credit Union League said last week. “Ohio’s credit unions are holding their own,” said Dave Shoup, league vice president of regulatory affairs. “Credit unions are typically--and have been for a long time--well capitalized.” The league released its First Quarter 2008 Performance Report, which details Ohio and U.S. statistics of economic conditions (eLumination July 2). “Ohio credit unions remain safe and sound institutions, despite many Ohio residents facing financial difficulties in the wake of increasing unemployment and rising energy and food prices,” the report said. Capital levels at the state’s credit unions are at 12.6% net worth-to-assets, which is higher than Ohio banks and thrifts and credit unions and banks nationwide. Ohio credit union mortgage originations rose 65.5% over the past 12 months, despite a weak housing market in Ohio, as home sales fell 19% over the year as of March. Total credit union income rose 3.9% by the end of the first quarter, as growth in investment income slowed. Mergers and liquidations also remained slow, the report said. Membership at Ohio credit unions declined less than one percent over the past year, to 2.63 million members. “Most importantly, credit unions need to focus on membership growth,” Shoup said. “The league is making concentrated efforts to examine and focus on that.”
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