Alabama Credit Unions post Impressive Third Quarter Stats
01/22/2010 02:18 pm
For the third quarter of 2009, Alabama's 135 credit unions outperformed the national credit union average in a number of areas including membership, member savings, lending and assets. Most impressive is the fact that Alabama credit unions added $500 million worth of new mortgage loans the past six quarters. This happened during a tough economy and at a time when credit was supposedly tight at other financial institutions. Further busting of the credit myth, Alabama credit unions added $160 million worth of auto loans the past five quarters. The most impressive statistic from the third quarter is member savings rose 10 percent. This is the highest jump in five years and almost two-percent higher than the national average.
"Alabama credit unions are showing that they will work one on one with members," said LSCU President/CEO Patrick La Pine. "These quarterly statistics show that Alabama credit unions are willing and able to lend money. Plus, they are more than meeting the needs of their members."
Membership was up 3.5 percent in the third quarter, about double the national average. Alabama's credit unions saw their assets grow 9.1 percent. Again, this is nearly two-percent higher than the national average. In this current economy, these are very impressive numbers for Alabama's credit unions.