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Pa. CUs 1Q results outpace national CU stats
HARRISBURG, Pa. (7/8/10)--Pennsylvania credit unions reported good financial performance in first quarter 2010, according to the Pennsylvania Credit Union Association (PCUA). The Pennsylvania Profile, First Quarter 2010 shows Pennsylvania growth rates outpaced national rates for the first quarter and for the 12-month period ending March 31 (Life is a Highway July 7). In the quarter, Pennsylvania credit union membership edged up 0.7%, greater than the national rate of 0.5%, and more than the fourth quarter 2009 increase of 0.4%. The 12-month member growth rate in the state was 2.5%, compared with 1% nationally. “The association’s iBelong campaign is definitely building awareness and strengthening the perception of credit unions,” said Jim McCormack, PCUA president/CEO, in the newsletter. “The ongoing economic challenges and consumer dissatisfaction with big banks are also positioning credit unions with opportunities to build favorable relationships with new members, existing members, and their communities.” Total savings grew 3.6% for the quarter 2010, bringing the rate for the 12-month period ending March 31 to 11%, compared with 6.6% nationally. Regular share accounts grew 7%, with money market shares growth at 6.6%. During the first quarter, Pennsylvania credit unions faced some of the weakest loan demand in more than 60 years, and recorded only 0.1% growth, better than the -1.1% change in national loan totals. Member business loans led loan growth with a 6.6% increase in the first quarter, followed by first mortgages at 3% growth. For the 12-month period, Pennsylvania credit unions outpaced national rates in member business loan growth, 24.9% to 9.1% nationally, and first mortgages, 22.2% to 3.3%. Used-auto loans were strong for the same period, 8.9% growth to 2.8% nationally. First-quarter loan delinquencies stayed at slightly more than 1%. More than 9,000 bankruptcies were recorded during the period in Pennsylvania, up from 6,537 from 2009. The state’s credit union assets grew by 10.6% in the 12-month period, compared to national growth of 4.7%. “Credit unions are prospering through the great recession, but they are also facing a new normal--regulations upon regulations, competition, changes in service delivery and technology, and income challenges--so it’s necessary to reassess and readjust to this new environment in order to successfully survive,” McCormack said.


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