As they say down South, South Carolina's credit unions are "Forty goin' north." Translation: To do something with great gusto and enthusiasm.
Manufacturing, particularly in the automotive and construction sector, has rebounded, and unemployment figures have declined significantly over the last year, providing some much-needed loan demand and positive revenue for the Palmetto State's credit unions.
Statewide, South Carolina's credit unions earned return on average assets of 87 basis points as of Dec. 31, 2012, slightly higher than the 86 basis points national average. Annualized loan growth of 4% as of 2012 year-end is slightly lower than the 4.6% national average. Membership growth as of Dec. 31 was also just slightly lower than peer, 2.1% versus 2.2% nationally.
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