AL and FL credit unions experienced growth in first quarter of 2016

Locally-owned credit unions in Alabama and Florida saw growth in several areas during the first quarter of 2016, kicking off what is expected to be a banner year. The Credit Union National Association (CUNA) predicts double-digit growth in credit union loans, healthy earnings, and improving asset quality for the remainder of 2016.In both Florida and Alabama, assets were up in the first quarter. Average assets for Florida’s credit unions continued to exceed the national average and are now up more than 85 percent higher than the national number. Alabama assets were up 2.3 percent over the state’s numbers for last year.

Florida Credit Unions, particularly, saw an increase of 4.1 percent compared to the national increase of 3.0 percent. Alabama’s increase was just below the national increase at 2.3 percent. Florida had a higher growth rate in total loans and members than the national average. Florida’s members/branch at 5,427 is higher than the national average of 5,010 in the U.S., as is its Share Draft penetration, which was 55.7 percent in the state and only 49.7 percent nationally. Read more  here.