FARMERS BRANCH, Texas (6/12/14)--The Cornerstone Credit Union League announced Wednesday that its member credit unions topped $98 billion in assets in the first quarter, but an asset count is far from their only accomplishment through the first three months of the year (Leaguer
The league, which represents 628 credit unions in Texas, Oklahoma and Arkansas, also enrolled 100,000 new members--at a rate of 1,675 members per day--pushing membership up to 9,655,736.
Further, deposits swelled by $2.94 billion, which is about $47.5 million deposited every business day, loan growth climbed more than $1 billion, and credit unions originated nearly $7.8 billion loans, equal to one new loan every 10 seconds.
League CEO Dick Ensweiler says it's the commitment from credit unions to people that has led to the movement's continued growth and success in the three states represented by the league.
Additional Cornerstone Q1 numbers:
Managed more than $6.46 billion in retirement accounts;
Generated more than $621 million in net interest income;
Held a net worth ratio of 13.34%, which nearly doubles what the National Credit Union Administration deems well capitalized;
Provided employment to more than 27,000 people, spending more than $393 million in salary and benefits;
Spent more than $7.31 million to send employees to educational conferences;
Managed and serviced more than $31.94 billion in auto loans, including 685,000 new vehicles and 1.36 million used vehicles; and
Held regular reserves of more than $1.27 billion and undivided earnings of more than $7.63 billion.