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Texas CUs in strong position says league.
FARMERS BRANCH, Texas (7/20/11)--Texas credit unions are benefitting from the state’s strong economy by experiencing significant growth in assets, loans and savings, according to the Texas Credit Union League (LoneStar Leaguer July 18). Private-sector employment in Texas has recovered with more strength than the U.S. as a whole. Part of the reason behind the recovery is the state manufacturing sector’s reliance on computer, electronic and petrochemical firms, according to a monthly report by Houston-based private equity firm SigmaBleyzer. While credit unions in many areas of the country have struggled with loan growth, Texas credit unions have remained relatively strong in lending, the league said. In the first quarter, overall loan growth increased 2.5% in Texas, compared with a decrease of 1.1% nationwide. Used-auto loans jumped 8.6% in Texas during the quarter; nationally used-auto loans increased at a 3.5% rate. New-auto loans dropped 5.5% in Texas during the first quarter, compared with a 14.6 decline nationwide. First mortgages rose 6.8% in the first quarter in Texas. Nationally, first mortgages were up 3.3%. Credit cards grew at a 6.6% rate in Texas, compared with a 1.9% rate nationwide. The delinquency rate was 1.03% among Texas credit unions during the first quarter, compared with a national rate of 1.63%. Responsible lending resulted in strong asset quality for Texas credit unions, the league said. Assets increased 7.2% in Texas during the first quarter. Nationwide, assets rose 4.6%. The yield on total assets jumped 4.28% at Texas credit unions. The yield on total assets increased nationwide at 4.14% rate. Texas consumers also continue to save, said the league. Savings rose 7.7% at Texas credit unions during the first quarter, compared with a 4.9% increase nationally.


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