Membership Gains Continue With Total Membership in Virginia’s Credit Unions Now Topping 8 Million
Vice President of Communications & Public Relations
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Virginia's 172 member-owned credit unions granted a record total of $26.3 billion in loans in the first six months of 2013, according to data from credit unions' federal regulator. This represented a 25 percent increase over first-half 2012 results.
The record-setting performance in loan originations was led by loans for new and used automobiles, with year-over-year growth of 29 percent and 20 percent, respectively.
First mortgage originations totaled $11.3 billion for the first six months of 2013. Virginia's credit unions held more than $40 billion in first mortgages as of the end of June 2013.
Other lending categories, including credit cards, member business loans and unsecured personal loans saw strong year-over-year growth as well.
Member business lending, in particular, has seen substantial growth in recent years as more small businesses have sought out credit unions as a source of capital. As of June 2013, Virginia-based credit unions held more than $1.5 billion in member business loans. Credit unions are asking Congress to expand their member business lending authority through the Small Business Lending Enhancement Act (S. 968), so they can do more to spur the economy and help small businesses add jobs.
"Credit unions emerged from the financial crisis with strong balance sheets and members are finding not-for-profit credit unions are the best choice for loans thanks to our lower rates and consumer-friendly loan products," said Rick Pillow, president of the Virginia Credit Union League, the trade association for the commonwealth's credit unions.
More consumers are finding credit unions a consumer-friendly alternative to the nation's megabanks. Membership growth for Virginia's credit unions has exploded in recent years, reaching a record 8 million in June 2013. In total, membership rolls for the state's credit unions have grown by 1 million since year-end 2010.
Virginia's credit unions boast members across the globe owed to the large number of state-based credit unions serving members of the military and government agencies. An estimated 3.25 million Virginians are members of credit unions.
Credit unions remain best-in-class for financial services and set the bar for member/customer satisfaction, according to major consumer satisfaction surveys, including the American Customer Satisfaction Index (ACSI).
To learn more about Virginia-based credit unions, visit the website of the Virginia Credit Union League at www.vacul.org.