FARMERS BRANCH, Texas, April 10, 2014 (GLOBE NEWSWIRE) -- Year-end data is in and preliminary numbers look favorable for credit unions in Arkansas, Oklahoma and Texas, according to the Cornerstone Credit Union League (Cornerstone).
Deposits in the area credit unions grew almost 6.1 percent to $82.6 billion, and more than 370,000 individuals joined credit unions in the Cornerstone region in 2013, bringing the membership to 9.56 million members, and adding more than $4.3 billion to their depository accounts.
Credit unions in the region manage 2,046 branches with average funds on deposit of $40.4 million. Banks in the same region have 9,088 branches with average deposits of $86.0 million.
Credit unions in the three states maintained a deposit market share of 9.6 percent in 2013. And loan demand from credit unions grew 9.7 percent in 2013, reaching $61.2 billion. Credit unions held a 9.6 percent market share in loans from financial institutions in the area, while banks held a 90.4 percent market share in lending, amounting to $549.1 billion.
Credit unions wrote nearly $22 million in loans every business day in 2013, adding $5.7 billion to their portfolio by year-end. Additionally, more than $6.9 billion in real estate loans were written in 2013, with the average loan of $108,000. Credit unions in the three-state area wrote 246 real estate loans every business day - in total 1,242 more in real estate loans than all of 2012. The total real estate portfolio is now in the range of $19.2 billion.
Overall, the delinquency rate on total loans is down four basis points and averages 1.38 percent. The median delinquency rate is 0.83 percent, indicating that a significant number (around 99 percent) of credit union members are current with their loan payments.
Members' assets in Cornerstone credit unions grew more than $5.1 billion in 2013, reaching $95.3 billion at year-end. Although the average credit union is now $150.6 million, the median is still in the $23 million range. Overall, members' equity in the region's credit unions grew over $571.6 million in 2013.
In an economic environment of slow job growth, credit union employment rose 4.7 percent in 2013. Credit unions across the region directly employ over 26,700 people.
"Credit unions are member-centric organizations, and this is appealing for millions of consumers," notes Cornerstone CEO Dick Ensweiler. "With more consumers turning to credit unions for their lending and other financial services' needs, I'm quite confident that 2014 will be a good growth year for credit unions."
CONTACT: Linda Webb-Manon, Vice President of Public Relations Cornerstone Credit Union League 800-442-5762, ext. 6486 (toll free) email@example.com
Source:Cornerstone Credit Union League