Maryland: Old Line State's Wealth Not Trickling Down to Credit Unions
Maryland is the richest state in the union, with a median household income of $70,004, a cool $20,000 above the national average.
However, as of June 30 Maryland’s credit unions reported just 61 basis points worth of profit, well below the national average of 0.86% ROAA, according to the NCUA’s Quarterly U.S. Map Review.
“A key to Tower’s success in the present economic environment is the trust we have gained from our members over decades by establishing safe and sound business practices and caring about their financial well-being,” said Tower President/CEO Martin Breland. “Because we have earned their trust, they continue to bring us a great proportion of their business during good and bad economic times.”
And, like the rest, loan growth has cooled: Tower reported -6.12% 12-month loan growth as of June 30.