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N.Y. CUs originated 735M in MBLs last year
ALBANY, N.Y. (7/25/11)--Loan originations at New York credit unions last year increased 22.5% from the first quarter of 2010 to first
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quarter 2011, nearly double the 12.7% increase of loans originated by credit unions nationwide. New York credit union growth figures for assets and shares all exceeded national averages as well, said the Credit Union Association of New York (CUANY). Member business loans originated by New York credit unions totaled $735 million through March 2011--a 62.3% increase from March 2010. More than half of the MBL portfolio is made up of commercial and industrial loans. Other highlights for New York credit unions:
* They originated $1.3 billion in first mortgages through the end of March, up 38.6% from March 2010; * The membership growth rate was 2.43% since the previous March, which is more than four times the national 0.56% average for the same period; * Assets grew 6.95%, vs. 4.59% for credit unions nationally; * Shares rose 7.82%, compared with the national average of 4.92%.
With an average core capital of 11.1%, New York credit unions remain more highly capitalized than New York banks and thrifts, as well as credit unions and banks nationwide. "These numbers show how well our credit unions have weathered and continue to weather the current recession," said William J. Mellin, president/CEO of CUANY. "During this challenging economy, where consumer trust in traditional financial institutions has slipped, more and more people are learning about credit unions and their commitment to their members and the communities they serve."


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