ATLANTIC CITY, N.J. — At a joint breakout session yesterday with NCUA and the New Jersey Division of Banking during the New Jersey Credit Union League's Annual Meeting here, representatives from the regulators provided an overview of the health of N.J. CUs.
New Jersey is home to 227 credit unions. From June 2006 to 2007 N.J. CUs experienced a 39% increase in member business loans, compared to 18% nationally. Real estate lending continues to be the dominant loan category, accounting for 65% of total loans compared to 50% nationally.
New Jersey lags the nation in share growth (4.91%), asset growth (4.51%) and loan growth (0.44%). NCUA Region II Director Jane Walters said the agency is concerned about shares declining at N.J. CUs below $10 million in assets. Eighty-one CUs saw shares drop, while 58 CUs, mostly on the larger side, experienced share growth of 10% or greater.
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