Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
St. Louis CUs outshine area banks on loans
ST. LOUIS (9/13/11)--In contrast to area banks, St. Louis credit unions have increased the amount of loans issued during the past two-and-a-half years. As of June 30, there were 44 St. Louis credit unions that had issued $3.46 billion in outstanding loans--$325 million and 10.3% more than loaned at the end of 2008, according to a Missouri Credit Union Association (MCUA) report (St. Louis Business Journal Sept. 9). Commercial banks based in St. Louis made 30% fewer loans during the same period--roughly $20 billion during the first half of this year, compared with $30 billion at the end of 2008, the Journal said. Eight of the 20 biggest St. Louis-area credit unions posted double-digit lending gains during the period. They include:
* Alliance CU, $185 million in assets, based in Fenton, Mo., up 30.2%; * First Community CU, $1.73 billion in assets, based in Chesterfield, Mo., up 14.5%; and * Anheuser-Busch Employees CU, $1.31 billion assets, based in St. Louis, up 10.1%.
Although St. Louis bankers admit their lending is down, they say it is because of regulatory restrictions and a lack of demand, rather than an unwillingness of banks to make loans, the Journal reported. Banks are often repeating the “mantra” of regulatory tightening and lack of demand, while in reality they are worried about profitability, Mike Beall, president/CEO of the MCUA, told the Journal.


RSS print
News Now LiveWire
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
2 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
3 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
4 hours ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
4 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
5 hours ago