New York MBLs Helps Double-Digit Loan Growth
Business lending volume among New York credit unions experienced a 62.3% increase from March 2010’s levels.
The Credit Union Association of New York said originations for all loans increased 22.5% from the first quarter of 2010. That percentage compares to the 12.7% increase on the national level.
Member business loans were a key part of New York credit unions' loan portfolio with the state’s cooperatives originating $735 million of them through March 2011, the association reported.
This business lending volume was a 62.3% increase from March 2010 levels. Over half of the member business loan portfolio was made up of commercial and industrial loans.
In other lending areas, New York credit unions originated $1.3 billion in first mortgages through the end of March 2011, which was up 38.6% from March 2010.
"These numbers show how well our credit unions have weathered and continue to weather the current recession," said William Mellin, president/CEO of the CUANY. "During this challenging economy, where consumer trust in traditional financial institutions has slipped, more and more people are learning about credit unions' and their commitment to their members and the communities they serve."