More consumers joined credit unions in Georgia in 2010 and increased their savings at the cooperatives, the Georgia Credit Union Affiliates said today.
Membership grew by 2.3% between December 2009 and December 2010, which was an increase from the 0.9% growth rate experienced between December 2008 and December 2009, the GCUA said citing data from the Georgia Credit Union Benefits Index. There were 1.8 million members at Georgia’s 153 CUs at the end of 2010.
Total loans grew by 3.9% while savings increased by 7.6%, the data showed. Georgia credit union members saved $63,032,142 as a result of lower interest rates on loan products, according to the GCUA. Members also saved $36,186,792 through fewer and lower fees compared to other financial institutions.
Total assets at Georgia’s credit unions statewide grew by 2.7% to $16.6 billion at the end of December 2010.