Credit unions in Florida and Alabama are marking continued success through the third quarter of 2018.
A press release issued Wednesday by the League of Southeastern Credit Unions, which represents CUs in both states, highlights some of the growth metrics seen among the 234 CUs based in the two southern states.
All data represents changes from the end of Q4 2017 to the end of Q3 2018. Among the highlights:
- Average assets per Alabama credit union hit $203.4 million at the end of Q3, a nearly 4 percent increase from the end of 2017. Average assets in Florida rose by just over 6 percent to $496.3 million – a figure nearly double the national average of $262.5 million
- Both states saw delinquencies decrease by 13 basis points, hitting 0.54 percent in Florida and 0.67 percent in Alabama. The national average is 0.67 percent
- Loan volumes in Florida were up by 7.8 percent during the first three quarters of the year, compared to a 7.2 percent national average
- Membership in Alabama rose by 3.3 percent through the first three quarters of 2018, up from 1.1 percent for all of 2017.
“It is no surprise that Alabama and Florida credit unions are experiencing tremendous growth,” Patrick La Pine, president and CEO of LSCU & Affiliates, said in a statement. “Whether it is providing assistance after a hurricane or recovery from a national government shutdown, you will always see credit unions responding on the front lines.”
More of CU Journal’s recent coverage on state-level growth trends can be
