More Texans Putting Trust in Credit Unions
As membership nears eight million, Texas credit unions are poised to meet consumer lending needs
FARMERS BRANCH, Texas, Dec. 3, 2012 /PRNewswire-USNewswire/ -- Texas Credit Union League (League) President and CEO Dick Ensweiler says trust has fueled membership growth in Texas credit unions.
"Consumers want to do business with a financial institution they can trust," notes Ensweiler. "Texas credit unions have experienced remarkable growth in 2012 because consumers appreciate the fact that credit unions put people over profit."
Since the first of the year, Ensweiler says Texas credit unions have seen a significant increase in membership, growing more rapidly in the past nine months than at any time since the beginning of the recession. Through September, Texas credit union membership grew at a rate of 3.3 percent, outpacing the high water mark of 2.9 percent in 2008 and 2009.
"The current growth rate exceeds the national average of 2.7 percent and brings the total membership to 7.96 million Texas residents," notes Ensweiler. "At the current growth rate, membership in Texas credit unions could easily top eight million Texans by year-end."
Growth in Texas credit unions isn't limited to members. With assets now exceeding $76 billion, Texas credit unions have experienced growth in savings and loans. In fact, since the first of the year, members have added $2.8 billion to savings deposits in their credit unions. Additionally, more confident consumers are carefully borrowing, and that activity has increased credit union loan portfolios by $2.5 billion. The consolidated loan portfolios of Texas credit unions now exceed $47.4 billion.
While membership, savings, and borrowing have increased, delinquencies and net charge-offs have decreased. Total loan delinquencies are 0.84 percent while net charge-offs are nearly one-half of one percent. First mortgages are better, with over 99.2 percent of all first mortgages in good standing.
"Texas credit unions are responsive to the needs of their communities, and their commitment to the financial success of Texas families has resulted in tremendous growth across the board," adds Ensweiler.
About Texas Credit Union League
The Texas Credit Union League is the official trade association for credit unions within the State of Texas. The League represents, on a state and federal level, more than 500 credit unions state-wide, which are owned by nearly 8 million members. Organized in 1934, the League protects credit unions and promotes their growth, strength, and unity.
SOURCE Texas Credit Union League