DALLAS – Credit union CEO confidence continued to plunge this month as CEOs took note of declining fortunes of their credit unions, their members and the economy in general, according to Southwest Corporate FCU.
The corporate’s quarterly survey showed confidence among credit union executives plummeting further in April from November’s depths, the lowest in the almost five years that Southwest has conducted the survey.
The overall CEO confidence index declined in April to just 7.90, from a low of 10.50 in November. It was 20.05 in April of 2008 and as high as 41.07 in April 2007.
Credit unions’ current financial condition index fell to a five-year low of 20.85, from 34.18 in November, and 42.12 a year ago; while projections for credit unions’ condition in six months dropped to just 11.24, from 21.68 in November.
Of greater portend, members’ current financial condition continued to fall further into negative territory to negative 5.37, from negative 2.04 in November, and positive 7.43 last April. It was as high as 32.03 in April 2007.
Projections for loan demand in six months declined below zero for the first time of the survey to negative 3.75, from zero in November, and positive 5.18 last April. At the same time, projections for share growth over the next six months surged to 35.02, from 19.64 in November, and 27.25 a year ago.
The present situation (of the economy) index fell to a low of just 7.74 in April, from 16.07 in November, and 24.77 a year ago. While the expectation index hovered near a low, rising slightly to 7.98, from 7.72 in November.
