ALBANY, NY (July 2, 2014) -- Credit unions statewide continue to perform at a high level, according to the 2014 First Quarter New York Credit Union Profile provided by the Credit Union Association of New York (CUANY). The report is provided to New York credit unions as a benefit of CUANY membership.
Notably, membership at New York credit unions increased by 0.8 percent through the quarter, and total membership has eclipsed the 5 million mark.
- Membership growth: New York credit unions experienced an annualized membership increase of 3.2 percent. Membership at New York credit unions now stands at 5,011,000.
- Assets: Total assets held by New York credit unions increased by 2.6 percent during the quarter.
- Loans: Loans grew by 0.9 percent. Additionally, member first mortgages increased by 4.8 percent, and new auto loans increased by 1.4 percent.
- Business lending: Member business loans increased by 3.2 percent—representing a 12.8 percent annualized increase—during the first quarter.
- Shares: Share drafts increased by 7 percent during the quarter, and regular shares increased by 5.4 percent. Money market shares also increased by 1.6 percent—four times greater than the previous quarter’s increase.
- Capital levels: The state’s credit unions remain well-capitalized, with an aggregate net worth-to-asset ratio of 10.9 percent.
“These numbers reflect the many positive trends taking place at New York credit unions,” said CUANY President/CEO William J. Mellin. “New Yorkers are continuing to take notice of the credit union difference. As a result, they’re benefiting from lower fees, higher returns and lower interest rates on loans.”
Developed in partnership with the Credit Union National Association (CUNA), each report delivers the most relevant and up-to-date analysis of key statistics and trends that impact credit union performance.
The Credit Union Association of New York has served as the trade association for the state’s credit unions for 97 years. New York credit unions have assets of $67 billion and serve 5 million members. To learn more about CUANY, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.