ATLANTA—Three states are reporting strong results for the performance of their credit unions.
Georgia CU Affiliates said the 136 Peach State credit unions closed the fourth quarter with loan growth up 11.1% during 2014, including new vehicles up 31.9% for the year, and used vehicles up 14.7%. The GCUA reported that on a $25,000 new auto loan, credit union members in Georgia saved an average of more than $500 over five years.
Meanwhile, to the north, the Minnesota CU Network said Minnesota credit union member business lending grew 12.9% between year-end of 2013 and 2014, outpacing the national result of 12.4%. In addition, auto lending – for both new and used vehicles – was also strong with growth rates of 12.8% and 6.5%, respectively, over the same time period.
Overall, Minnesota credit unions have also experienced positive membership growth since 2011 and steady asset growth each year since 2007. Assets were up $19 billion during 2014, with total membership in the state now 1.62 million people. Average credit union net worth among the state’s CUs was 10.67%.
In California, meanwhile, credit unions finished 2014 on a strong note, posting a 13.8% loan growth for the year, according to the California Credit Union League, which said that during Q4 total loan growth was 2.9%.
Similar to other states, auto lending was the primary driver, with new autos gaining a remarkable 40.4% in 2014 and used autos growing by 16.7%.
Also reporting double-digit growth were other unsecured personal loans at 14.5% and first mortgages at 11.7%.
On the other side of the balance sheet, members’ savings balances were up 1.5% in Q4 and 5.4% for 2014 overall.
Total membership in California grew by 1% in Q4 and 3% for the year.