Southeastern credit unions growing, lending and helping members to save
04/22/2010 11:51 am
The League of Southeastern Credit Unions announced this week that credit unions in Alabama and Florida added 74,000 members in 2009. This follows the national trend of more consumers looking for a local financial institution that has their best interest in mind. Southeastern credit unions also helped those members save more money. Alabama credit unions’ member savings was up 12 percent from 2008 and it is also two times the national credit union average. Florida credit unions’ member savings rose five percent, which was a 100-percent improvement from the previous year. For each state, this was a five-year high.
Lending remains strong in Alabama with credit unions seeing a five-percent growth in 2009, which is five times the national credit union average. The economy has hit both states hard, but credit unions in Alabama and Florida remain well capitalized. Collectively, Florida credit unions are at 9.5 percent net worth ratio, while Alabama credit unions are collectively at 11.2 percent.
“If you look inside the Alabama numbers, the credit unions are making high-quality loans with low delinquencies and charge offs,” said the LSCU President/CEO Patrick La Pine. “In Florida, the local economy continues to struggle, but credit unions remain on solid ground. They are working with their members to help them save, as well as continuing to meet their lending needs.”