BOSTON — Shares have come rolling in at credit unions in Massachusetts, where the focus is on finding ways to lend out all that cash.
Edward Paris, a director with Boston Firefighters FCU, cited member loyalty at his credit union, where the average member has six different accounts for the continued strength of the $150-million credit union. "We're surviving and I think we will survive."
"We're doing fine," said Bob Mitchell, chairman of the board for Liberty Bay FCU. The long-time telephone workers credit union, which just moved from Boston to suburban Braintree, Mass., has seen a major influx of shares, $41 million since February, which are coming from both Verizon company buyouts and a flight to safety from consumers, according to Mitchell.
"We have so much money, we just hope we can start getting some of it out on the street in loans," said Mitchell.
Maddie Daust, a director at Southbridge (Mass.) CU, said her $165-million credit union has seen a surge in lending for cars and mortgages, especially refinancings, and an increase in shares. "It's very promising," she stated.
