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Texas CUs continue growth in third quarter
FARMERS BRANCH, Texas (12/16/08)--Texas credit unions’ median assets grew by $1.1 million, or 9.2%, in the first nine months this year to $14.5 million from $13.4 million at the end of 2007, according to the soon-to-be released Texas Profile, Third Quarter Report. Today, combined assets in Texas credit unions are $56.6 billion, said the Texas Credit Union League. Since the year began, total loans by Texas credit unions have increased 7.7% to $38.3 billion (LoneStar Leaguer Dec. 10). Savings also have increased by 9% to-date to $47.5 billion. Membership has grown by 2.6% to 7.2 million owners this year. The strongest growth areas over previous years have been in used-car lending. New-car lending is still the largest portion of the credit unions’ portfolios, followed by used cars and first mortgages. Member business lending remains about 4% of the portfolio. On the savings side, growth has been experienced in money market shares, expanding by more than 17% in 2008. Also, regular shares have turned around a three-year decline cycle, growing 4.3% since 2007.
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