Pressroom > News Release:
Consumers continue flight to safety, CUs
Contact: Patrick Harris
Director of Media Relations
Ohio Credit Union League
Flight to Safety Benefits Financial Cooperatives –
Growth Continues Among Safe, Strong, Stable Credit Unions
Ohio credit union loans, deposits, and capital
all show growth exceeding national averages
Columbus, Ohio (April 29, 2010) – Ohio credit unions are
well-capitalized at 11.7% of assets collectively, a level higher
than banks and thrifts around the state and nationally,
according to the Ohio Credit Union Quarterly Performance
Summary. Growth was witnessed in nearly all of the economic
indicators for financial institutions, including loans and
deposits, which increased more than $600 million and $1.8
billion respectively from Dec. 31, 2008 to Dec. 31, 2009.
Membership increased nearly 30,000 during the same statistical
“2009 was a banner year for our credit unions, and every
indication is that this growth trend will continue,” said Paul
Mercer, President of the Ohio Credit Union League. “Many
factors contributed to our success, but the anti-banking
sentiment among consumers and their eagerness to invest in a
community-based financial institution were important drivers.
Our credit unions also impressed upon new and existing members
the empowerment that comes with becoming an owner of your
institution, not just a customer.”
In total, credit unions in Ohio had $12.4 billion in loans at
year-end 2009. Auto lending continued to be a driving force
behind loan growth, with market share growing from 12.4% in Dec.
2008 to 17.1% in Dec. 2009. Ohio credit unions also saw
increases in Member Business Lending (MBL), which grew 11.2%
from December to December.
As the 30-year fixed rate mortgage dropped to historic lows, and
then hovered around 5%, low rates drove a number of credit union
members to refinance their homes. First mortgage originations
in 2009 in Ohio totaled $1.66 billion versus $1.1 billion in
2008, an increase of 51.3%. First mortgages outstanding grew
4.2% to $23.95 billion, all despite a continued weaker than
usual housing market.
Total delinquency rose to 1.42% in December, up .10% during the
12-month period. However, Ohio credit unions remain below the
Ohio bank average of 3.26%.
The average Ohio credit union has 6,748 members, $51.82 million
in assets, and $31.73 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 393 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