HARRISBURG, Pa. -- The industry's enviable financial position amidst the economic gloom provides an ideal opportunity now for credit unions to "shine and grow," the president/CEO of the Pennsylvania Credit Union Association wrote Thursday in a candid "Letter to Members" message appearing on the trade group's Web site.

A spokesman for James McCormack, the PCU head, said the awareness "Letter" topping its regular "Life Is a Highway" e-mail newsletter, was meant to galvanize industry action in taking advantage of rare opportunities for CUs in Pennsylvania and elsewhere a to make a strong case of their willingness to help stressed borrowers on small business, consumer along with student and car loans.

In the letter, McCormack suggested CUs will soon be "flush with cash in the next several months as the flight to quality and safety grows your deposits, shares, money markets and certificates, reminiscent of five-six years ago" providing CUs a chance to reach out to market segments.

"You are not dependent upon third party national or worldwide capital markets," observed McCormack and so extending credit for small business mortgages, home equity "and even student loans" looks right.

However, "you need to publicize that you're not just open for business" but looking for and doing business with consumers and local communities as a beacon for financial stability, said McCormack.

"No, we are not interested in throwing out good credit quality, character standards and capacity, as many lenders did over the last few years," concluded McCormack but there is opportunity to make first and second mortgage loans to good people."