15 Credit Unions Cross $500 Million Asset

There are now 180 credit unions with over $500 million in assets. The fifteen credit unions new to this group experienced strong growth across the board during the first quarter.

 
 

Credit unions continue to grow at a breath-taking pace. In just the first three months, assets for credit unions larger than $50 million grew 5.2%. It's no surprise that fueling the strong asset growth was 5.6% quarterly share growth. In this type of rapid-growth environment, many credit unions are passing asset milestones, and the results show they are doing it safely.

Fifteen credit unions topped $500 million in the first quarter of 2002, raising the total number of credit unions above this mark to 180. Credit unions new to this group were able to reach this landmark, not solely through an influx of shares, but through strong growth across the board. They increased both their assets and shares by 7% in the first quarter, out-performing the already high industry average in both categories. But where the credit union industry struggled with lending in the first quarter, only growing 1%, these fifteen credit unions' loans grew 3.5% during the same period.

Amid all this growth, these credit unions maintained their safe footing. They kept their Net Worth to Asset Ratio at solid levels averaging 10.2%. Helping Net Worth keep pace with the fast-growing asset denominator was a 1.08% ROA that scored just above the 1.06% industry average. These credit unions aren't just reaching milestones; they're demonstrating how to safely maintain high growth levels.

 

 

 

 

June 10, 2002


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