Pennsylvanians Increase Use of Credit Unions
Year-end Data Reveals Growth in Assets, Loans, Savings & Members
HARRISBURG — At year-end, assets in Pennsylvania credit unions grew by 6 percent to $36 billion. Additionally, membership in Pennsylvania credit unions grew by 2 percent to 3.7 million. The increased growth is due in part to a greater awareness and overall consumer angst against increasing fees at commercial banks and other financial service providers.
Throughout 2011, Pennsylvania’s 526 credit unions grew in all areas: assets, loans, savings, and members. Fourth quarter data collected by the National Credit Union Administration (NCUA), demonstrates that credit unions in Pennsylvania grew from the prior year by: 6 percent in assets, 2 percent in loans, 6 percent in savings, and 2 percent in membership, according to Pennsylvania Profile, published quarterly by the Pennsylvania Credit Union Association (PCUA). The national credit union statistics are just slightly below the Pennsylvania numbers. Nationally, credit unions grew by 5 percent in assets, 1 percent in loans, 5 percent in savings, and 2 percent in membership. There are 7,234 U.S. credit unions with 93 million members.
“Consumers continue to discover that credit unions offer lower fees and better service than other financial institutions. The continued fallout from Wall Street has led many consumers to seek out financial institutions operating within their communities,” says PCUA President/CEO Jim McCormack. “With more than 500 credit unions operating in the Commonwealth, there is truly a credit union for every Pennsylvanian.”
Funds in all Pennsylvania credit unions are federally-insured up to $250,000 and backed by the full faith and credit of the United States government through the National Credit Union Share Insurance Fund (NCUSIF) administered by NCUA. McCormack added, “It’s easy to find a credit union to join, just visit www.iBelong.org.”
“Credit unions overall offer better savings rates and lower fees than other providers,” said McCormack. “Many credit unions offer a full range of services from credit and debit cards, online banking, CDs, mortgages, home equity loans, ATMs, vehicle loans, along with the basics, such as checking and savings accounts.”
Credit unions are financial cooperatives that provide affordable financial services to help their owner/members. The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational and operational support for more than 400 credit unions in Pennsylvania. These credit unions have assets in excess of $36 billion and serve more than 3.7 million members. For additional information about credit unions or to find a credit union near you, visit www.iBelong.org