Texas credit unions have seen a significant increase inmembership, growing more rapidly in the past nine months than atany time since the beginning of the recession. What's more,credit unions in the Lone Star State have also seen strong growthin savings and loans.
|Through September, Texas credit union membership grew at a rateof 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 byyear-end.”
|Lone Star State credit union assets now exceed $76 billion, theleague said, and since the first of the year, members havedeposited $2.8 billion to savings and added $2.5 billion in lendingto push combined loan portfolios past $47.5 billion.
|Moreover, while membership, savings and borrowing haveincreased, delinquencies and net charge-offs have decreased, theleague said. Total loan delinquencies were 0.84% through Septemberwhile net charge-offs were nearly one-half of one percent.Additionally, 99.2% of all first mortgages were in good standing,the league said.
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