Alabama and Florida credit unions have huge first quarter
06/05/2012 04:26 pm
The Call Report data is out for the first quarter of 2012. The numbers for Alabama and Florida credit unions is very strong. Alabama credit unions have topped the $17 billion mark in total assets for the first time. This represents a nearly five-percent growth in assets and just over a half-percent better than the national credit union average for the same period. Since 2007, Alabama credit unions have added $5.4 billion in total assets. Florida credit union asset growth also spiked, gaining $2 billion in assets in the first quarter to top the $45 billion mark. This is a four-and-a-half-percent gain as well which is above the national credit union average. This follows an upward trend for Florida since 2009. It's also good news considering the state of the economy and unemployment numbers in Florida over the last four years.
For membership, Alabama credit unions added 19,107 new members in the first quarter. This is the highest quarterly jump in quite some time. Alabama credit unions have now added 38,000 new members in the past three quarters. The bulk coming this quarter and the third quarter of 2011 during the
LSCU Cooperative Image Campaign and right before the bank fees and Bank Transfer Day took hold. Alabama’s membership growth is exceeding the national credit union average. In Florida, the membership numbers have been very strong for three quarters now. In the first quarter, Florida credit unions added 47,760 new members. Florida has now gained 110,000 new members in the past three quarters. In the previous four quarters from mid-2010 to June 2011, Florida credit union membership growth was flat.
The League will send out a more complete look at the first-quarter Call Report data soon and also distribute these numbers to the press. Continued support for the
LSCU’s Cooperative Image Campaign will only help Alabama and Florida credits unions continue this momentum. On the national front, credit unions topped the $1 trillion mark for the first time in history. Also, more than 660,000 new members were added in the first quarter. This was significant growth considering credit unions added 1.4 million in all of 2011.