Five Credit Unions Passed the Billion-Dollar Mark

In the first quarter of 2004 five credit unions passed the billion-dollar mark, raising the total number of credit unions over $1b in assets to 88.

 
 

In the first quarter of 2004 five credit unions passed the billion-dollar mark, raising the total number of credit unions over $1b in assets to 88. These 88 credit unions represent $194 billion in assets, 30.3% of the entire industry, and serve over 18 million members. In addition, the 88 billion-dollar credit unions have the highest average ROA (among the 9 peer groups) at 1.10%. The path to success for these credit unions came through a variety of different approaches. Each of these credit unions had significant growth in their loan portfolio where some grew their auto and others their real estate loans. Lake Michigan boasts an auto loan growth of 21% from the first quarter of last year and Redwood showed a 49.5% growth in real estate loans. In addition, some of these credit unions grew their deposit accounts by bringing money into their money markets and certificates. For example, Langley's deposits in share certificates grew 15%.

The following is a profile of these five credit unions.

<​td>
23.49%
St
Name of Credit Union
Asset
Assets Growth
Loan
Growth
Members
ROA
Branches
MO
First Community
$1,013,228,191
3.41%
3.71%
127,931
0.53%
22
GA
Georgia Telco
$1,010,828,159
3.82%
7.83%
92,981
0.56%
19
MI
Lake Michigan
$1,028,472,779
36.93%
33.04%
99,478
2.​22%
17
VA
Langley
$1,026,009,583
14.82%
8.61%
131,675
1.55%
12
CA
Redwood
$1,020,752,298
10.58%
106,920
1.34%
10
 

 

 

May 31, 2004


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