Consumers are finding they like credit unions' consumer-friendly loan products, superior service and fewer fees.
LYNCHBURG, Va (PRWEB) February 04, 2013
Virginia's 180 not-for-profit, member-owned credit unions continued their record-setting ways with 3rd Quarter 2012 results that were buoyed by strong demand for auto loans and mortgages.
For the year ended Sept. 30, 2012, Virginia-based credit unions saw assets grow to a record $91.5 billion and loan balances reach a record $61.4 billion, while total savings held by the commonwealth's credit unions hit a new milestone at $70.5 billion.
Almost all loan categories saw solid growth for the year ended Sept. 30. However, first mortgage loans and loans for new automobiles were particularly strong.
Overall, credit union mortgage originations now make up 6.7% of U.S. mortgage originations - double the market share of less than a decade ago. In the first nine months of 2012, U.S. credit unions originated $89.3 billion in first mortgages – a total that is 65% higher than the comparable period in 2011 and that exceeds the previous record by 16%, which was recorded in 2009.
For Virginia-based credit unions, first mortgage originations totaled $10.9 billion in the first nine months of 2012, exceeding the 2011 same-period total by 76% and the state’s previous (2009) nine-month record by 21%. Virginia-based credit unions hold $25.7 billion in first mortgages; $6.9 billion in second mortgages and home equity lines of credit.
Loan growth was most pronounced in the auto arena – a direct reflection of the recent increases in automobile sales. Virginia-based credit unions saw loans for new autos increase by 8.7% and used auto loans increased by 6.6% in the quarter. Virginia-based credit unions hold $5.2 billion in new automobile loans and $7.9 billion in used auto loans.
"Consumers are finding they like credit unions' consumer-friendly loan products, superior service and fewer fees," said Virginia Credit Union League President Rick Pillow. "Prudent management and conservative lending practices led to the credit union system's emergence from the recession and financial crisis on sound financial footing. Now we stand ready to help consumers looking for a smarter choice in a financial services provider, one in which they can even lay claim to an ownership stake."
Total membership at Virginia-based credit unions swelled to a record 7.66 million as of Sept. 30. Since the end of 2008 and the start of the financial crisis that rocked many of the nation's largest banks, Virginia-based credit unions have seen total memberships grow by more than 1.4 million members, including almost 460,000 during the year ended Sept. 30, 2012.
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).
Search for a credit union you can join by using the nationwide credit union locator at http://www.aSmarterChoice.org.
The Virginia Credit Union League has promoted, protected and served Virginia-based credit unions for more than 75 years. Learn more about Virginia-based credit unions online at http://www.vacul.org.