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For Immediate Release Contact: Patrick Harris Director of Media Relations Ohio Credit Union League pharris@ohiocul.org 800-486-2917

Ohio Credit Union Membership Increases for First Time in Five Years

12-month comparison highlighted by membership bump; Loans and assets continue growth;
“Benefits of Membership” report shows financial value of credit unions

Columbus, Ohio (July 9, 2009) – Ohio credit union membership grew by more than 20,000 between March 2008 and March 2009 according to the Ohio Credit Union Quarterly Performance Summary, a strong indicator that a fledgling economy is causing many Ohioans to review their finances.  The quarterly comparison reflects the first membership gain for the state’s credit unions since 2004.  Additionally, credit union assets and lending continued steady growth despite the economy, posting gains of 8.11% and 8.26% respectively, during the same 12-month period.

“We are excited to see a migration toward our community-based approach to providing financial services,” said Paul Mercer, President of the Ohio Credit Union League.  “Credit unions have the capital to work individually with our members to help them manage financial stress and, in many cases, have modified existing loans to ease income losses or other financial hardships.  That makes us attractive to Ohioans.”

The report shows average Ohio credit union capitalization levels at 11.7%.  Regulators consider credit unions to be well-capitalized at or above 7%.

Ohioans who choose to receive their financial services from an Ohio credit union are benefitting financially as well, according to the “Benefits of Membership” report from the Credit Union National Association.  The report compares credit union dividend rates, interest rates, and transaction fees to Ohio banks.  According to the report, credit unions provided more than $184 million in direct financial benefits to the state’s members in 2008, an amount equivalent to $71 per member and $135 per household.

Other key quarterly economic indicators spotlight the financial strength of Ohio’s 407 credit unions.  Mortgage originations increased 63.6% in the first quarter 2009 and auto lending market share has more than doubled during the same time period to 18.1%.  Asset quality at Ohio credit unions remains strong despite delinquencies picking up slightly in the first quarter (1.28%).  Ohio credit unions’ delinquency rates remain below that of the national credit union average and below Ohio’s banks.

Total membership in Ohio credit unions now stands at more than 2.64 million, with the average credit union having 6,498 members, $47.47 million in assets, and $29.21 million in loans.  Ohio credit unions employ more than 6,800 Ohioans and contribute nearly $140 million in compensation to employees on an annual basis, according to the most recent quarterly financial report.

Credit unions are not-for-profit, democratically-controlled financial institutions.  Members of credit unions are owners, and each member-owner has an equal say in the operations of the credit union.  Almost all Ohioans are eligible to join a credit union.  To find a credit union to join, visit www.FindACreditUnion.com, click the “Search” tab, and fill in the prompted fields.

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The Ohio Credit Union League, with offices in Columbus, is a state trade association representing 407 credit unions. Credit unions are not-for-profit financial institutions owned and democratically-controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their 2.64 million members. To learn more, visit www.OhioCreditUnions.org.