Credit unions, banks, and thrifts all had outstanding performances in 2002. While credit unions experienced the highest asset growth of 12.1% for the year, the cooperative movement still accounts for only 6.3% of all deposits. Each sector posted excellent returns on their assets, with banks leading the way at 1.33%, a 16 basis point increase from 2001. Banks and especially thrifts continued to have a higher loan/deposit ratio than credit unions due to their higher reliance on wholesale funding through borrowings. Banks and thrifts also managed more assets with fewer people; over $4 million in assets per employee. On the other hand, banks had a much higher net charge-off rate than credit unions and thrifts at 1.11%.
As of December 31, 2002