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Texas Ohio reports spotlight CU growth
FARMERS BRANCH, Texas and COLUMBUS, Ohio (10/13/10)--Reports from Texas and Ohio credit union groups highlight continued growth in new members and other key indicators. The Texas Credit Union Profile from the Texas Credit Union League provides one-year comparisons between June 2009 and June 2010 (LoneStar Leaguer Oct. 12). Texas credit unions’ achievements included:
* 142,000 new members, with Texas credit unions serving 29.5% of the state’s residents; * Asset growth of $4.3 billion, with nearly $2 billion in new loans; * Increased deposits, with most deposit growth occurring in money market accounts; and * An average net worth of 9.7%, nearly three percentage points higher than the National Credit Union Administration (NCUA) requirement.
Texas has benefited from a statewide economy that has continued to grow, adding nearly 108,000 workers to Texas payrolls in the year ending in June 2010, compared to a collective loss of 329,000 employees in the other 49 states, said the league. Ohio's credit unions also grew. The Quarterly Performance Summary from the Ohio Credit Union League also compares performance from June 2009 to June 2010, according to an Ohio Credit Union League press release. Results from Ohio credit unions included:
* Net membership growth of 9,148 new members; * A 4% increase in the average member relationship to $11,375; * A 13.3% increase in outstanding business loan balances, which totaled $371 million, with 94 of the state’s 390 credit unions reporting outstanding balances; and * Strong asset quality, with a delinquency rate that fell to 1.29%, representing the first decline in three years and placing Ohio credit unions below the national average of 1.74%.


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