As low interest rates have squeezed yields on loans and investments, credit cards have become a more critical and stable source of income for many credit unions than the past. To make up for the decline in rates, credit unions have to put much effort into increasing loan balance through more active credit card lending strategies. For the credit unions whose credit card loans outstanding as of March 2012 were over $1 million, the average 12-month credit card growth was 4.7%.
Charlotte Metro ($298.1M, Charlotte, NC) came in first with 391.4% credit card growth. Total credit card loans outstanding as of March 2013 were $8.4 million. Public Service Employees ($1.3B, Denver, CO) came in second with 207.8% annual credit card growth and $5.0 million balances outstanding.
LEADERS IN CREDIT CARD GROWTH
Data As of March 31, 2013
© Callahan & Associates | www.creditunions.com
|
|
Credit Union |
State |
12-Month Growth |
CC Loans Outstanding |
Total Assets |
|
1 |
Charlotte Metro |
NC |
391.41% |
$8,375,928 |
$298,071,733 |
|
2 |
Public Service Employees |
CO |
207.77% |
$5,017,742 |
$1,289,549,675 |
|
3 |
TEG |
NY |
198.72% |
$3,598,023 |
$192,473,964 |
|
4 |
Red Canoe |
WA |
155.44% |
$6,985,956 |
$593,549,711 |
|
5 |
First Service |
TX |
128.54% |
$11,043,896 |
$365,663,324 |
|
6 |
Security First |
TX |
123.59% |
$7,227,955 |
$380,951,945 |
|
7 |
Southwest Louisiana |
LA |
119.24% |
$3,821,674 |
$71,507,022 |
|
8 |
Tropical Financial |
FL |
108.10% |
$3,305,659 |
$561,072,697 |
|
9 |
Harvard University Employees |
MA |
105.14% |
$24,487,099 |
$426,726,159 |
|
10 |
Jefferson Financial |
LA |
84.78% |
$12,174,865 |
$394,887,270 |
Generated by Callahan & Associates' Peer-to-Peer Analytics