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N.Y. CUs continue growth in first half of year
ALBANY, N.Y. (10/17/11)--Despite continued economic sluggishness, New York credit unions finished the first half of 2011 showing growth and exceeding national averages in asset, member and loan performance, according to the Credit Union Association of New York.
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Assets at New York credit unions grew by $2.6 billion from January thru June. For the one-year period from June 2010 through June 2011, assets at the credit unions grew 6.64%, greater than the national asset growth average of 4.22%. Capital levels also remained strong at credit unions in the state, the association said. Holding at 11.2% of assets, this level exceeds not only credit unions nationally, but also New York banks and banks nationwide. Asset quality remains a strong point at New York’s credit unions, according to the association, with an overall delinquency rate of 1.22%, well below national credit union and bank averages. The state also outpaced the national 12-month membership growth rate of 0.59%, realizing a 2.41% jump in membership for the same period. New York credit unions achieved a combined annualized loan growth of 3.63% versus a national credit union growth rate of -0.47%. Member business loans in New York are a key part of credit unions’ loan portfolio, with 12.1% classified as business loans. The national average is 5.7%. “We believe that this new growth is just the start of a trend as other financial institutions introduce new fees and increase many already in existence,” said William J. Mellin, association president/CEO. “Since Bank of America announced their $5 debit card monthly fee, more and more individuals are discovering that the value and benefits offered by credit unions are worth a second look when it comes to choosing a financial institution.”


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