HOBOKEN, N.J. — As credit unions now find opportunity in astruggling economy, Credit Union Times looks back 10 years ago whencredit unions saw record growth in share drafts and first mortgagesduring volatile international and domestic markets and low consumerconfidence.

For the first time share draft deposits at credit unions showeddouble-digit growth in 1998, growing 10.2% for the year ended June30 to reach $38.7 billion, up from $35.2 billion at mid-year 1997.The number of credit union share draft accounts also increased from35.8% to 37.5%.

First mortgages approved by credit unions rose 102% as of June30, 1998. Total fixed and adjustable rate first mortgages reached$15.1 billion in the first six months of 1998, compared to $7.5billion granted over the same period in 1997. At the time, thatincrease was the largest ever posted in the credit unionindustry.