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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 Unions Add 17,000 New Members in 12 Months - 10,000 in First Quarter 2010 Alone - Continue Record-Setting Growth
 

Small businesses also looking to Ohio's credit unions more than ever

Columbus, Ohio (July 8, 2010) – More than 17,000 Ohioans have flocked to credit unions for their financial services, according to the first quarter 2010 results of the Ohio Credit Union Quarterly Performance Summary.  The March 31, 2009, to March 31, 2010, time period marks a record fifth straight quarter in which membership in Ohio credit unions has grown.  Credit unions grew by 10,000 new members in the first quarter of 2010 alone.  The anti-bank sentiment among consumers and a “flight to safety” are making not-for-profit, locally-based credit unions a popular alternative for consumers.

“This should not come as a surprise anymore.  Membership growth at credit unions has moved beyond just a trend and is now a regular occurrence,” said Paul Mercer, President of the Ohio Credit Union League.  “For five consecutive quarters we have seen growth in the tens of thousands, meaning Ohioans are looking for local financial institutions with community values, and credit unions fit that description to a T.”

The anti-banking sentiment sprouted a national campaign last December called “Move Your Money,” which encourages consumers to shift their deposits from high-fee, less consumer-oriented big banks to community-based financial institutions like credit unions.  More than 36,000 people follow Move Your Money (www.MoveYourMoney.info) on Facebook, and the campaign’s founders at The Huffington Post have made reporting the movement’s progress a staple of the outlet.  Its growing popularity is a likely contributor, though on a micro level, to credit union growth in Ohio and nationally, according to Pat Keefe, Vice President of Communications and Media Outreach for the Credit Union National Association.

"The evidence continues to mount that more and more consumers are finding credit unions to be not only their best alternative to megabanks, but also their preferred financial institution. The increasing media coverage of the fair and good deal that credit unions offer may finally be placing credit unions’ status as the ‘best-kept secret in the financial services industry’ in jeopardy,” illustrates Keefe.

Another sector of the financial services marketplace looking toward credit unions are small businesses.  According to the first quarter summary, member business lending is the fastest growing loan category, outpacing mortgage and auto loans.  Ninety out of Ohio’s 392 credit unions reported outstanding business loan balances, representing a total of $357 million statewide, a 12.7% increase from the previous March.  The delinquency rates at credit unions remain far below that of Ohio banks and thrifts, proving credit unions ability to manage large loans and adding pressure to Congress to grant extended business lending authority to credit unions.

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, 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 392 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.