HARRISBURG, Pa. (7/18/12)--Pennsylvania credit unions grew at a 6% annual rate during the first quarter to reach more than $37 billion in assets, according to the Pennsylvania Credit Union Association (PCUA).
Membership in the 520 Pennsylvania credit unions grew by 2% to a record 3.7 million members, said PCUA's new, enhanced Pennsylvania Credit Union Profile, a quarterly statistical analysis of credit unions using data from National Credit Union Administration call reports.
The report also compares credit union statistics with those of commercial banks and details other indicators such as unemployment rates, housing prices and inflation rates.
On a year-over-year basis, Pennsylvania credit unions grew: 6% in assets, 4% in loans, 6% in savings, and 2% in membership.
Nationally, credit unions grew by 7% in assets, 2% in loans, 7% in savings, and 2% in membership. There are 7,162 credit unions with more than $1 trillion in assets and 94 million members operating in the U.S.
"Providing statistical analysis regarding the state of an industry is an important function of a trade association," said PCUA President/CEO Jim McCormack. "Our improved version not only provides a snapshot of the credit union movement, but also provides comparisons of credit unions to banks, along with other economic indicators that impact operations."