Five years ago, members served by Texas' credit unions parked half their deposits in shares and checking accounts. Today, they are moving those funds into certificates of deposits.
It is one of several trends tracked by the Texas Credit Union League. Five years ago the largest portion of the loan portfolio was in new automobiles. Now, loans are blended across several categories, and there has been a significant surge in first mortgage lending, the league reported. Although loan growth for the first quarter was 1.4%, the growth rate from first quarter 2008 through first quarter 2009 was 9.3%, which was higher than at anytime in the past five years. Assets grew 10.6% over the end of first quarter 2008.
There is also a strong demand for money market and individual retirement accounts, the league noticed. Texas' members put $3.1 billion into their savings accounts at credit unions during the first quarter.
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Even with all of this growth, and the billions of dollars available for lending, credit unions only have a 1.3% share of the first mortgage market, and one tenth of 1% in the business loan area, the league said.
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