Alabama and Florida credit unions have hit new asset records as the effects of Bank Transfer Day and bank fee backlash apparently continue, according to the League of Southeastern Credit Unions.
Florida credit unions hit $45.3 billion in assets and Alabama credit unions reached $17.5 billion in the latest quarterly report from the NCUA, both new records, the LSCU said.
Membership totals also hit new highs, the league said, as Florida gained 48,000 members in the first quarter of 2012 to reach 4.65 million and Alabama credit unions added 20,000 new members to a total of 1.8 million.
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"The record growth for Alabama and Florida credit unions follows a trend that began in the third quarter of 2011," said LSCU President/CEO Patrick La Pine. "The jump in assets and membership proves once again that consumers are looking for locally owned financial institutions."
Alabama credit unions also added $13 million in new member business loans during the quarter, bringing the five-year total to $114 million and moving at a growth rate of 3.1%, nearly twice the national credit union average, the league said, adding that Florida MBL growth was flat.
"While the arbitrary cap on MBL loans for credit unions stays intact – 12.25% of ssets, the needs of many small businesses will not be met," said La Pine. "Alabama credit unions have done a great job of working with small businesses to get them the loans they need.
"The economy continues to hinder the growth in Florida. However, there is so much more credit unions could do, if given the authority by Congress," LaPine said.
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