California has the largest group of state-chartered credit unions (SCCUs) in the US, representing nearly 20% of all state-chartered assets nationally. Now, the results are in for 2004. With top 5 rankings in average loan and average share balance, credit unions look to California as a pacesetter.
California benefited from a dynamic real estate market where the median price paid for a home reached a new peak of $405, 000. This lead to a 23.5% growth in real estate loans outstanding. Much of this growth came from first mortgages and home equity lines of credit, which rose 17.0% and 60.4% respectively. Real estate loans now comprise 52.4% of the $40.2 billion total loan portfolio for these credit unions.
A number of these state-chartered credit unions posted outstanding results in key performance measures in 2004. A variety of strategies and tactics are reflected in the diversity of leaders in growth categories, earnings measures and balance sheet strengths.