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On-Site Coverage: Georgia Credit Unions Have Strong 2006, Poised to Do More

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.

By Staff Writer | Updated on May 18, 2007

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.

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