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North Carolina CUs shine in credit crisis
GREENSBORO, N.C. (9/22/08)--North Carolina credit unions continue to help their members weather the economic storm, the North Carolina Credit Union league said Friday.
North Carolina credit unions are doing well despite trouble in the financial markets, and there’s no need for them to cut back on lending, according to North Carolina Credit Union League President/CEO John Radebaugh. (Photo provided by the North Carolina Credit Union League)
Credit unions don’t rely on the stock market for funding, and they made prudent lending decisions when others didn’t. “There’s no need for them to cut back on lending now,” said league President/CEO John Radebaugh. The league also has seen a surge in the number of searches on its credit union locator service, Find a Credit Union. Searches jumped 62% in April through June, the league said (Weekly Update Sept. 19). Statewide, credit unions continue to provide service to their members. The league noted:
* Carolina Postal CU, Charlotte. Loans are up--more than $1.2 million to date. The credit union also offers a “Switch and Ditch” auto loan enabling members to bring their auto loans to the credit union for a lower rate and $50 in gas money; * Champion CU, Canton. Champion offers a Fresh Start Auto Loan to help members refinance their auto loans to a lower rate. It also is offering the Stay Warm Fuel Loan program to help members get low-cost loans to heat their homes; * Charlotte Metro CU, Charlotte. The credit union originated 173 mortgages over the past year totaling $29.8 million, a 90% increase from last year; * Coastal FCU, Raleigh. Coastal added more than 5,600 new checking accounts this year, and more than 13,600 new members since January 1. Deposits are up 14%, loans up 20% and its mortgage portfolio is up 12.5%; * Local Government FCU, Raleigh. The credit union has grown by more than 10,000 members this year, and assets increased by 20%. Loans grew by 33%; * Lion’s Share CU, Salisbury. Loan activity surged over the summer and deposits are up; * Members CU, Winston-Salem. The credit union has a 2.22% increase in total assets and 1.23% in net loans over the last year; and * Summit CU, Greensboro. Loan growth is at $9.2 million, home equity loans are more than $7 million, credit card balances are more than$1.2 million, and auto loans are more than $617,000.
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