FEDERAL WAY, Wash.-Credit unions in Washington state have posted a 10% growth rate in new members over the past year, according to the Washington Credit Union League. The state has 119 credit unions.
John Annaloro, president of the WCUL, told the Bellingham Business Journal that "Media reports on problematic banks seemingly have made Washingtonians suspicious of profit-driven financial institutions, especially big Wall Street banks. Ten percent yearly growth was unheard of prior to this extraordinary migration to credit unions."
Credit unions in Washington had been averaging approximately 2% membership growth, which is still above the national average.
The newspaper cited reports such as the "Move Your Money" campaign by the online Huffington Post as contributing to the growth.
