BIRMINGHAM, Ala./TALLAHASSEE, Fla.—Alabama and Florida CUs continue their steady membership and loan growth, according to the latest data from the League of Southeastern CUs and Affiliates.
Credit unions in Alabama added 18,000 new members in the third quarter bringing total credit union membership to 1.9 million, marking the 15th straight quarter of positive membership growth in Alabama. The state’s 120 credit unions have added 139,000 members over the past three years.
CUs in Florida added 54,000 new members in the third quarter, bringing the total membership in the state to 4.9 million—the seventh straight quarter of positive membership growth in the state. Florida’s 156 credit unions have added 304,000 members over the past three years.
Loan growth has been steady in Alabama and Florida, with Florida CUs posting the largest increase, adding $892 million in new loans—including $30 million in new small business loans.
Credit unions in Alabama added $148 million in new loans during the third quarter with the bulk of those loans going toward used automobiles. Alabama credit unions are seeing used auto loan growth 7% higher than the national credit union average, the league reported.
“As credit unions gain more members, they see the benefits of membership,” said LSCU and Affiliates President/CEO Patrick La Pine. “That is traditionally lower rates and fees which, in turn, make it more affordable to purchase a new or used vehicle or purchase a home. Delinquent loans are also at five-year lows in Alabama and Florida.”
Alabama delinquent loans-to-loans are just over 1%, 28 basis points lower than in 2011. Net charge-offs are at .58%, 12 bps lower than in 2011. In Florida, delinquent loans-to-loans continue a dramatic downward trend, with the Q3 delinquency rate at 1.25%, more than twice as low as delinquencies in 2011.
Related
LSCU's Northwest Chapter Raises $36,000, & Other Neighborhood News