Texas Credit Unions in Strong Position to Meet Texans' needs
FARMERS BRANCH, Texas, March 20, 2012 /PRNewswire-USNewswire/ -- By focusing on people and not profit, Texas Credit Union League (League) president and CEO Dick Ensweiler says Texas credit unions started 2012 in a strong position.
Citing data from the Q4 Texas Profile, Ensweiler says credit unions in the Lone Star state experienced in 2011 growth in assets, loans and savings. For example, in 2010, Texas credit unions experienced a 2.6 percent increase in loans; whereas in 2011, they saw an increase of 3.7 percent. Total assets increased 7.3 percent in 2012, compared to 6.1 percent in 2010.
Meanwhile, delinquencies, charge-offs and member bankruptcies remain low in Texas credit unions.
Impressively, nearly 77 percent of Texas credit unions experienced an increase of assets in 2011. Additionally, 80 percent of Texas credit unions experienced a positive ROA in 2011 – demonstrating credit unions' resilience in a less than favorable economy, as well commitment to fiscal responsibility.
As a result of stellar leadership and focus on the financial well-being of Texas families, the percentage of Texas credit unions with a 7 percent or better capital ratio increased from 94.5 percent to 95.3 percent.
"While some companies pursue profits, credit unions never waiver in their commitment to the 7.7 million Texans who depend on them to help them reach their short and long-term financial goals," says Ensweiler. "As financial cooperatives, empowering people is at the core of who we are."
This message seems to resonate well with consumers, at membership in Texas credit unions jumped from 7.5 million to just over 7.7 million in 2011. Ensweiler attributes grassroots movements like Bank Transfer Day and International Year of Cooperatives in influencing consumers to take a second look at credit unions.
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 over 7.7 million members (about one-third of the state's population). Organized in 1934, the Texas Credit Union League protects credit unions and promotes their growth, strength and unity.
For more information about credit unions, visit www.asmarterchoice.org.
SOURCE Texas Credit Union League