Pressroom > News Release:
CUs capture record market share
Contact: Patrick Harris
Director of Media Relations
Ohio Credit Union League
Credit Unions Capture Record Level of
Auto Lending Market Share
Credit union membership grows by more than 53,000;
Mortgage originations double
Columbus, Ohio (January 6, 2010) – Total auto lending market
share increased to a record 18.2% at Ohio credit unions from
Sept. 2008 to Sept. 2009 despite a decline in vehicle sales.
Similarly, first mortgage originations increased 51.9% during
the same time period, totaling $1.37 billion in 2009 versus $904
million in 2008. Membership also grew during the 12-month
statistical period, as more than 53,000 Ohioans joined credit
Capital levels at Ohio credit unions remain high at 11.9% of
assets, a higher level than Ohio banks and thrifts, and U.S.
credit unions and banks.
“This is an unprecedented time for credit unions in the state of
Ohio,” said Paul Mercer, President of the Ohio Credit Union
League. “Credit unions have money to lend despite the difficult
economy, and the response from consumers has been positive, with
growth in auto lending, mortgages, and member business lending.
We look to continue these trends and be a partner to our members
and the communities we serve as we all strive for economic
During the 12-month period, credit unions witnessed an overall
loan growth of 6.64%, with auto loan balances increasing 11.9%
and first mortgage balances increasing 3.9%. Total delinquency
rose to 1.37% in September, up from 1.21% the previous year.
While delinquency is on the rise, it remains below the national
credit union average of 1.69% through September.
An area where credit unions are looking to grow even more is
member business lending (MBL). Despite restrictions imposed by
federal law, credit union business lending grew 11.2% to $333
million in outstanding loan balances. The 90 Ohio credit unions
that provide MBL reported an average delinquency rate of 3.65%,
which is above the national average but down from the previous
June (3.84%). Credit unions’ business lending is currently
capped at 12.25 percent of assets; however, legislation pending
in Congress would raise the cap. The Credit Union National
Association reports that a higher lending authority could
billion in new small business loans and at least 108,000 new
The total number of Ohio credit union members grew by 53,183
from Sept. 08 to Sept. 09 to more than 2.65 million. The
average Ohio credit union has 6,685 members, $50.15 million in
assets, and $31.4 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.
The Ohio Credit Union League, with
offices in Columbus, is a state trade association representing
397 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 2.65 million members. To
learn more, visit