DES MOINES, Iowa—Credit unions in this state enjoyed a strong 2014, according to the Iowa CU League.
Fourth quarter overall loan growth was 1.9%, bringing the 2014 increase to 12.1%, the league said. Like other states, new vehicle loans were particularly strong, growing 4% in Q4 and 20.9% for the year. Used vehicle loans increased 2.9% in the quarter, and up 15.9% over 2013.
Also seeing strong volume were new mortgages (up 9%), unsecured personal loans (up 7.9%) and credit cards (up 9.2%). MBLS surged 23.1%. Second mortgages, however, declined by 34.6%.
Overall, membership was up by 2.2%, with more than one million Iowans now belonging to credit unions.
Meanwhile, credit unions in the Empire State are reporting a healthy 2014. According to figures released by the New York Credit Union Association:
- Membership growth: New York credit union memberships grew by 2.9% in 2014 to 5,119,000.
- First mortgages: First mortgages at New York credit unions increased by 10.9% on the year, outpacing the national average of 9.1%,
- New auto loans: New auto loans grew by 17.4% throughout the year, a significant increase from the 2013 growth rate of 7.6%.
- Used auto loans: Used auto loans also continued to climb at a rapid rate in 2014, increasing by 11.4% on the year (compared with the 2013 increase of 3.4%).
- Business lending: Member business loans grew by 13.4% in 2014; the national growth rate averaged 12.4%.
- Capital levels: The state’s credit unions remain well-capitalized, with an aggregate net worth-to-asset ratio of 11.2%—higher than the national average of 11%.
“2014 was an encouraging year for the New York credit union movement, and we are continuing to build on that momentum this year,” said NYCUA President and CEO William J. Mellin in a released statement. “Last year, the state’s credit unions continued to provide important products, services and loans that directly benefit their members and their communities. As a result, there are now more credit union members than ever in New York, because credit unions put New Yorkers first.”