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Pa. CUs see strong loan growth in 3Q
HARRISBURG, Pa. (1/6/10)--New- and used-auto loans grew in third quarter 2009 for Pennsylvania credit unions, with new auto loans increasing 2.5%--double the growth reported in third quarter 2008, said the Pennsylvania Credit Union Association (PCUA). New-auto loans fell 0.1% nationally, according to PCUA’s Pennsylvania Profile, Third Quarter 2009. The report said state member business loan balances rose 5.2% in the third quarter and 23% over the last 12 months. Loan delinquency rates stabilized slightly above 1%, compared with the national average of 1.69% (Life is a Highway Jan. 4). Loans grew faster than savings during the third quarter, pushing the loan-to-savings ratio for Pennsylvania credit unions up to 69.4%, from its lowest point of 67.4% in the second quarter. Credit union membership also grew 2.3% over 12 months ending Sept. 30, compared to a national growth rate of 1.6%, PCUA said.
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