Credit unions in Washington state got hit hard like everywhere else, NCUA statistics show, but higher-than-average ROAA helped make up for their lower aggregate capital.
League says 1,331 accounts representing member savings of $1.1 million have been opened.
Between March 2011 and March 2012, credit unions in Oregon and Washington grew their business lending by 9% to nearly $2.5 billion.
Three Northwest states–Washington, Oregon and Montana–have become the nation’s epicenter of merging activity among credit unions, with supporters claiming the trend underscores a higher level of member service.
"The harder I work, the luckier I get,” said Matt Vance, marketing and community manager at Bellingham, Wash.-based Industrial Credit Union. He has lived by those words since hearing them during an open session at a Crash event he helped coordinate for Mountain West Credit Union Association.
Another CU handling public funds in Portland.
Portland mayor's new Responsible Banking Policy moves funds to two area credit unions and eight banks.
Thanks to a quarterly increase of more than $44.62 million in member business loans, credit unions in Washington and Oregon are helping more small businesses.
The reduced compliance burden, as a result of new NCUA rules introduced during the regulator’s May 24 board meeting, is worth $8 million to federally insured credit unions.
Kennedy already president, will assume CEO post from retiring Marshall Ellison on July 1.