MADISON, Wis. – Overall, credit unions did a “very good job” of managing through the financial crisis during 2009, but they will have to remain on the defensive for most of 2010.
That’s according to a new analysis released by CUNA Mutual Group based on early estimates of credit unions’ results as compiled by the CUNA Economics & Statistics team.
Among the highlights of the report:
* Early estimates show the number of credit unions at year end was 7,826, a net loss of 262 credit unions in 2009, compared to 308 in 2008.
* CUs saw 10.6% growth in savings, driven by the “flight to safety.” Total assets at year end were at $906 billion, up 8.8% in 2009.
* Credit unions set a new record for lowest amount of loan growth at 1%. Real estate lending was up 0.7% while vehicle loans declined 1%. CUNA Mutual noted that credit cards were a significant driver of overall growth.
* Membership grew by 2 million last year, with total membership at 92.7 million at year end.
* The capital-to-asset ratio was at 9.9% at the end of 2009, while the loan-to-share ratio fell to 76%.
* Delinquency remains on the rise at 1.844%, a 48-bp increase over 2008.
