Pennsylvania Credit Union Association
PA Credit Unions Continue Growth
HARRISBURG — The Pennsylvania Credit Union Association has issued its new and enhanced Pennsylvania Credit Union Profile. This quarterly publication provides a statistical analysis of credit unions headquartered in the United States and Pennsylvania using data pulled from Call Reports filed with the National Credit Union Administration (NCUA), the federal credit union regulator. The report also compares credit union statistics to commercial banks and details other economic indicators such as unemployment rates, housing prices, and inflation rates.
First quarter 2012 figures show that assets in Pennsylvania’s 520 credit unions annually grew by 6 percent to top more than $37 billion dollars. Additionally, membership in Pennsylvania credit unions grew by 2 percent to a record 3.7 million members. In early 2012, Pennsylvania’s credit unions grew in all areas: assets, loans, savings, and members.
The first quarter data collected by the NCUA demonstrates that credit unions in Pennsylvania grew from the prior year by: 6 percent in assets, 4 percent in loans, 6 percent in savings, and 2 percent in membership. Nationally, credit unions grew by 7 percent in assets, 2 percent in loans, 7 percent in savings, and 2 percent in membership. There are 7,162 credit unions with more than $1 trillion in assets and 94 million members operating in the United States.
“We are pleased with this new and improved Pennsylvania Credit Union Profile,” said PCUA President/CEO Jim McCormack. “Providing statistical analysis regarding the state of an industry is an important function of a trade association. Our improved version not only provides a snapshot of the credit union movement, but also provides comparisons of credit unions to banks, along with other economic indicators that impact operations,” said McCormack.
Funds in all Pennsylvania credit unions are federally-insured up to $250,000 and backed by the full faith and credit of the United States government through the National Credit Union Share Insurance Fund (NCUSIF) administered by NCUA. McCormack added, “It’s easy to find a credit union to join, just visit www.iBelong.org
Credit unions are financial cooperatives that provide affordable financial services to help their owner/members. The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational and operational support for credit unions in Pennsylvania. For additional information about credit unions or to find a credit union near you, visit www.iBelong.org.
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