ALEXANDRIA, Va. — As the economy has continued to correct itself over the last six months, credit unions have made gains in savings while lending is slowing from its record pace of the last couple years.
From year-end 2005 through June 30, credit union assets increased 2.7% with loans up 4.0% and shares growing 2.8%, despite a 0.2% decrease in savings over the second quarter. The collective net worth ratio stood at 11.36% over the first half of the year, up from 11.24% at year-end. Additionally, membership increased 1.0% to 85.4 million members of federally insured credit unions.
"In the first six months of 2006, shares grew an annualized 5.56 percent and loans grew an annualized 7.91 percent," NCUA Chairman JoAnn Johnson said. "Meeting member's needs is the mission of credit unions and thanks to reliable, expert member service I'm happy to report that as of June 2006 federally insured credit unions serve more than 85 million members."
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