A report released today by the New England Council illustrates the critical role that credit unions play in the financial lives of New England residents.
The report, titled “The New England Financial Services Industry: Around the Corner and Around the World,” examines the role financial institutions play in the lives of consumers in the region and as a job sector. The six states that make up New England – Maine, Vermont, New Hampshire, Connecticut, Rhode Island and Massachusetts – are home to nearly 400 credit unions with $68.6 billion in assets, serving 5.5 million members, rendering them “a key part of the financial services ecosystem in communities across New England.”
Among the highlights of the report:
- Along with nearly 4,000 bank branches, New England’s 1,200 credit union branches kept a combined $643 million in deposits in 2015
- CUs in the region originated nearly $23 billion in first mortgages in 2015
- New England’s CUs spent approximately $543 on small business-related goods and services in 2015
- Credit unions in New England originated more than $1 billion in small business loans during 2015 and hold approximately $3.5 billion in small business loan balances.
"On behalf of credit unions, we appreciate the New England Council taking a comprehensive look at the financial services industry in New England,” said Paul Gentile, president of the Cooperative Credit Union Association, which represents CUs in Massachusetts, Rhode Island, New Hampshire and Rhode Island. “Clearly, credit unions are part of a growth engine of the region and our strong New England roots show up in the tremendous member penetration credit unions have, the above average loan-to-share ratio and an ever growing employee base that's not only serving credit union members, but helping drive the economy."
Gentile joined colleagues from the banking, insurance and asset management sectors on a panel to discuss the findings and how their organizations are working to support continued growth across the financial services industry in the region.
The full report can be downloaded
