Another $6 billion in deposits flowed into credit unions in May, putting 2009 on pace to be one of the best years for deposit growth that the industry has had, according to the Credit Union National Association.
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Through the first five months of the year, credit unions added $50.8 billion of savings, a 7.3% growth rate.
Deposit growth, always its highest in the first half of the year, is expected to slow, according to Bill Hampel, CUNA's chief economist. But Hampel said he still expects double-digit growth for the year. He attributed the surge to miserable stock market returns and the increase in federal deposit insurance coverage to $250,000 per account.
