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Savings Picking Up at CUs While Loan Growth is Nearly Flat

As a strong demonstration of the turn in the economy, credit union lending was up more than 4% in the first quarter of 2007 while loan growth was virtually flat.

By Staff Writer | Updated on May 21, 2007

ALEXANDRIA, Va. — As a strong demonstration of the turn in the economy, credit union lending was up more than 4% in the first quarter of 2007 while loan growth was virtually flat.

“Epitomizing the good health of the financial system, during the first quarter of 2007 federally insured credit union assets grew 3.4% and savings expanded a strong 4.2%,” Chairman JoAnn Johnson said. “What’s more, while loan growth was marginal, loan performance was strong as noted by the 4.7% decline in delinquencies and net charge-offs.”

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