Despite having closed or merged 245 federally insured creditunions in 2011, the NCUA nonetheless has declared federally insuredCUs ended 2011 sounder than they had been in 2010.
“Credit unions ended 2011 in a safer and stronger position thanat the start of the year. During the fourth quarter and for theentire year, credit union savings and lending grew at healthyrates. Credit union membership also reached an historic high of91.8 million on Dec. 31,” said NCUA Board Chairman Debbie Matz, praising the numbers.
“Demonstrating the industry's resilience, 2011 saw annual netincome jump 41.2% to $6.4 billion. As a result, net worth grew6.9%, reaching $98.4 billion, and the net worth ratio climbed from10.06% to 10.23%,” she said.
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