CNN Reports: Credit unions hit a record number of members

CNN recently ran this piece about the gaining popularity of credit unions. NICE!!!

Here are some exerpts of from the print article:

Credit unions added 1.3 million new customers in 2011, bringing total membership to a record 91.8 million by the end of the year, according to data  collected by the National Credit Union Administration from the nation’s 7,094 federally-insured credit unions.

Total assets increased by $47.4 billion, or 5%, to $961.8 billion in 2011, boosted by $10.6 billion in new assets in the fourth quarter alone. Lending increased 1.2% during the year, bringing total loans to $571.5 billion by the end of the year — and two-thirds of that growth occurred in the last quarter. Industry earnings also improved significantly, with net income at credit unions jumping more than 40% in 2011 to $6.4 billion.

The defection rate for large, regional and midsize banks averaged between 10% and 11.3% last year (up from 7.4% to 9.8% in 2010), while the defection rates for small banks and credit unions averaged only 0.9% — down significantly from 8.8% in 2010.

And, here’s the broadcast coverage:


Post a Comment

Required fields are marked *


%d bloggers like this: