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Pennsylvania system reports strong fourth quarter
HARRISBURG, Pa. (3/26/08)--The Pennsylvania credit union system had strong financial results during fourth quarter, reported the Pennsylvania Credit Union Association (PCUA). The Fourth Quarter 2007 Pennsylvania Profile showed that despite the turmoil in the nation's financial market, assets in Pennsylvania credit unions grew 7%--the fastest growth since 2003--to $25.8 billion. The median asset size of the state's 599 credit unions was $6.7 million (Life is a Highway March 25). Loan delinquencies, chargeoffs, and total bankrupcties were below the national average, said PCUA, indicating credit unions' asset quality held up to the challenge of the nation's housing crisis. Auto lending, especially for new autos, slowed, but the credit unions in the state increased their used-auto loans by 5%, compared with 1.7% growth nationwide. Member business loans (MBL) at Pennsylvania's credit unions grew nearly 25%--more than the overall 17% growth rate for credit unions nationwide. Credit unions with assets between $20 million and $100 million experienced the most growth in MBLs.
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