Many of Arkansas' credit unions experienced significant growth within their loan portfolios last year, thanks to a surge in auto loans.
In 2013, the state's credit unions saw a 24.4% jump in used auto loans and a 4.8% increase in new car loans, according to the Cornerstone Credit Union League.
That financing activity like came as a result of pent-up demand and an improvement in labor markets as more consumers felt confident about buying big ticket items, the league said.
In Arkansas, credit union loan portfolios grew by 6.8% by the end of December 2013 surpassing savings balance, which increased by 3.0%.
The league said the 6.8% full-year loan portfolio increase was the largest percentage gain Arkansas credit unions experienced since 2009. The 2013 tally also represented the first time since 2008 that annual credit union loan growth exceeded savings growth in the state.
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