Ohio's credit unions are in the midst of a member business lending surge.

Ninety-four of Ohio's 390 credit unions reported outstanding business loan balances, representing a total of $371 million, which was a 13.3% increase from last June, according to the Ohio Credit Union League Quarterly Performance Summary for the second quarter.

Thanks to the spike in small business lending, loan balance growth remains positive, although it has continued to slow from what was reported at the end of 2009, the league reported. Mortgage originations were down 43% from June 2009 to June 2010, originating $539 million, while first mortgages outstanding grew 4.2% to $4 billion. Used auto loan balances increased 6% from June 2009 to June 2010, as new auto balances actually fell 8.4% during the 12 months. The Ohio credit union market share in the auto lending market fell nearly 7% to 12% from June 2009.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lending