HARRISBURG, Penn.—A new report shows that Pennsylvania credit unions experienced strong membership gains and lending growth in the fourth quarter of 2014.
The Pennsylvania Profile economic report showed that membership at Pennsylvania credit unions increased by 0.7% (2.8% annualized) in the fourth quarter of 2014. The 1.8% full-year increase in memberships came during a year in which the state’s population did not change.
The report, assembled by the Pennsylvania CU Association, showed that higher consumer confidence, still-low market interest rates and an abundance of pent-up demand helped buoy Pennsylvania credit union loan portfolio growth in the quarter.