TALLAHASSEE, Fla. — Credit unions in Florida and Alabama added more than 100,000 new members during the first quarter of 2015, according to new data from the League of Southeastern Credit Unions (LSCU).
Alabama's credit unions gained 13,000 new members and $541 million in assets in the first quarter, while those in Florida added 90,000 new members and $2 billion in new assets, LSCU said in a statement.
The gains in Florida pushed credit union membership in the Sunshine State to more than five million.
"Passing the five million-member mark in Florida is a significant milestone," said LSCU president and CEO Patrick La Pine, adding that the state now has the fourth highest credit union membership rate in the country. "What we are seeing is more people are searching for a local financial institution that has their best interest in mind. Once a person joins a credit union, not only are they a member-owner, but they rarely leave because the member service experience is so good."
Other highlights from the first-quarter report include:
- $542 million in new loans added in Florida.
- $477 million in new savings added in Alabama.
- $85 million in new member business loans in Florida
- $2.5 billion in assets added in both states ($2 billion in Florida and $541 million in Alabama).
- Alabama's net worth ratio stood at 11.4%, nearly one percentage point above the national CU average.
- Florida's net worth ratios were on par with the national average at 10.8%.
Florida's CUs are currently exceeding the national credit union average in lending, MBLs and savings, and of the $542 million in new loans during Q1, 15% ($85 million) were member business loans to small businesses.
New and used car loans are also above the national CU average, and member savings — $1.7 billion during the first three months of 2015 — are nearly a full percentage point higher than the national average. Delinquencies and net charge offs are half of what they were four years ago.
Alabama still lags slightly behind the national credit union average, LSCU said, but the $477 million members saved during the first quarter continues a trend spanning the past four years.
