SAVANNAH, Ga. — While the number of credit unions and members in 2006 were roughly the same as in 2005, Georgia is poised to do more going forward.
Mike Mercer, president/CEO of Georgia Credit Union Affiliates, gave a state of the state address this morning at the league's annual convention. Georgia has approximately 180 credit unions with 1.7 million members. Combined, the state's CUs have $12 billion in assets. Capital is "a tad heavy" at 14.6%. Even though community banks and other credit unions are the most talked about sources of competition, Mercer said players like ING and "super banks" like Bank of America are in the background.
"We cannot out-branch or ATM Bank of America or Wachovia if we do it independently," Mercer said. "We must be driven to solve members needs and avoid trying to be like others."
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Mercer said spread income will continue to decline, members will continue to increase their use of the Internet and fee income probably won't see any steep inclines, but "credit unions can be still be trusted to do what's in the member's best interest."
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