Texas credit unions have seen a significant increase in membership, growing more rapidly in the past nine months than at any time since the beginning of the recession. What’s more, credit unions in the Lone Star State have also seen strong growth in savings and loans.
Through September, Texas credit union membership grew at a rate of 3.3%, outpacing the high water mark of 2.9% in 2008 and 2009, according to the Texas Credit Union League.
"The current growth rate exceeds the national average of 2.7% and brings the total membership to 7.96 million," said TCUL President/CEO Dick Ensweiler. "At the current growth rate, membership in Texas credit unions could easily top eight million by year-end."
Lone Star State credit union assets now exceed $76 billion, the league said, and since the first of the year, members have deposited $2.8 billion to savings and added $2.5 billion in lending to push combined loan portfolios past $47.5 billion.
Moreover, while membership, savings and borrowing have increased, delinquencies and net charge-offs have decreased, the league said. Total loan delinquencies were 0.84% through September while net charge-offs were nearly one-half of one percent. Additionally, 99.2% of all first mortgages were in good standing, the league said.