Home > Pressroom > News Release: Ohio CU membership continues rising

 

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

Credit Union Momentum Continues in 2nd Quarter ‘09 as
Ohio Membership Increases by more than 30,000

Mortgage originations, auto loans surge in 12-month period; Assets, shares grow at faster rate than 1^st Qtr

Columbus, Ohio (September 23, 2009) – The “flight to safety” trend continues in Ohio as tens of thousands of Ohioans have joined credit unions, taking advantage of lower loan rates, better savings rates, and fewer fees offered by financial cooperatives.  As a result, mortgage originations at credit unions are up 50.2% percent the past 12 months and credit unions’ share of the auto lending market now stands at 18.4% percent, more than 8 percentage points higher than 2^nd quarter 2008.

The increase of 30,000 Ohio credit union members through the first six months of 2009 represents the first annual growth in five years.  The 1.28% growth over the previous June brings the total number of Ohio credit union members to 2.66 million.  As of June, total shares deposited in Ohio credit unions stood at $16.9 billion, a growth of 8.4% over the previous year.  Total assets grew nearly 18.5% over the same time period.

“We are seeing growth in membership that we have not seen in some time,” said Ohio Credit Union League President Paul Mercer.  “Credit unions have done an outstanding job positioning themselves for growth by staying true to their philosophy, offering financial solutions to existing members, and helping new members understand the value of the credit union difference.”

Despite a weak housing market and slow auto sales in the 2^nd quarter, Ohio credit unions are reversing this trend, showing growth in both lending categories.  Year-to-date vehicle sales through June were down 35.1% nationally, while total outstanding auto loans at Ohio credit unions increased by an astounding 12.0%.  First mortgage originations in the first six months of 2009 totaled $960.5 million at Ohio credit unions, versus $639.5 million during the same time period in 2008.

Overall loan growth during the 12-month period (June ‘08 – June ‘09) in the state was up nearly 7.5%, almost double credit unions nationwide.  Ohio credit union capital growth more than doubled the national credit union average (0.74%) at 1.82% during the same period.  Total delinquency rose to 1.37% in June, up from 1.09% in the previous year, but still lower than the national credit union average and below Ohio banks.

The average Ohio credit union has 6,605 members, $49.04 million in assets, and $30.25 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 cooperative 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.

-30-

The Ohio Credit Union League, with offices in Columbus, is a state trade association representing 402 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 2.66 million members. To learn more, visit www.OhioCreditUnions.org.