Assets Held By Corporates Hit New High At $80B As Deposit Inflow Continues
Total assets held by the nation's corporate credit union network increased by $11.9 billion, or 17.2% during the first six months of 2003, to $80.8 billion, the highest asset total ever recorded by the corporate network.
The mid-year consolidated total for the 31 corporate credit unions (excluding U.S. Central) compared with $68.9 billion at year-end 2002 and $66.5 billion at mid-year 2002.
"We continue to see strong asset growth, driven almost entirely by an increase in deposits by natural person credit unions at their corporates," said Bruce Fahnstock, president and CEO of VolCorp and chairman of the ACCU.
"These results demonstrate to our members that the corporate network continues to function well as a liquidity aggregator. Just as important, we are in excellent position to provide liquidity as needed if the economy picks up momentum in 2004 as many forecasters predict."
Share Deposits At $71.8 Billion
Total share deposits in corporates were $71.8 billion on June 30, 2003, an 18% increase over the year-end 2002 total of $60.4 billion, and a 22% increase over mid-year 2002 share deposits of $59.0 billion.
At year-end 1997, total share deposits at corporates by natural person credit unions stood at $27.2 billion.
Capital across the corporates also remains high. Total capital (retained earnings, plus paid-in capital, plus membership capital shares) was $4.7 billion at June 30, compared with $4.5 billion at year-end 2002 and $4.2 billion at mid-year 2002.
Total capital among corporates has increased by 69.2% since year-end 1997.