Alabama, Florida Credit Unions Set Quarterly Growth Record
Despite the challenging economy, credit unions in Alabama and Florida have set new records for increasing their assets and adding new members in the second quarter, the League of Southeastern Credit Unions has reported.
Florida credit unions added $310 million in assets in the second quarter to set a new record of $45.6 billion in assets, the LSCU said. Alabama credit unions added $129 million in assets in the quarter to also set a new record of $17.6 billion in assets.
What’s more, Florida credit unions have added 143,000 new members to set a record of 4.68 million members. Alabama credit unions have added 51,000 members in the past four quarters for a record 1.81 million members. Combined, the Florida and Alabama credit union have welcomed 46,000 new members in the quarter, the league said.
In addition, credit unions approved more business loans in the second quarter. In Alabama, business lending jumped more than 4%, higher than the national credit union average and nearly double the growth rate over the past two years, according to the LSCU. In Florida, business loans grew 3% in the second quarter, right at the national credit union average, but three times higher than two years ago.
Delinquencies and net charge offs have decreased in the second quarter as well. In Alabama, delinquencies have been reduced by 28% over the past two-and-a-half years, while in Florida delinquencies have plummeted by 71% during the same time, according to the LSCU.