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New York credit unions expand in first half of 2012

New York credit unions showed signs of growth through this year’s second quarter in members, loans, savings, and assets.

Membership grew 3.7 percent since June 2011, 1.5 times faster than the 2.3 percent national average, according to new data from the Credit Union Association of New York (CUANY).

Loan originations increased 24.9 percent from the first half of 2011 to $8.5 billion, according to the association. First mortgage originations fueled that growth after rising by $1.2 billion over last year’s first half.

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Business loans on state credit unions’ books also rose 12.9 percent from June 2011 totals, according to the release. New York credit unions’ savings balances increased by 9 percent.

Capital levels in New York credit unions remained at 11 percent of their assets, a higher total than New York banks, thrifts, and credit unions and banks nationwide, according to the association.

“As economic challenges continue to present themselves to New Yorkers, I expect credit unions’ growth trend will continue,” CUANY President and CEO William Mellin said in a news release.

CUANY has been the state trade association for credit unions for 95 years. New York credit unions have more than $57 billion in assets.

Contact Imbert at news@cnybj.com

 

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