WASHINGTON - Assets of federally insured credit unions grew by 8.9%, and savings account deposits by 9.7% during the first six months of the year, according to a federal government report issued Tuesday.
Assets jumped to $477.2 billion, the National Credit Union Administration report said. Savings deposits increased to $416.1 billion as of June 30.
Credit unions made $8 billion of loans, creating a nearly 3% increase in loan holdings from six months earlier. Mortgage lending, which makes up the bulk of credit union credits, grew by 6.7%. Used-auto loans grew by 4.8%, and their value surpassed that of new automobile loans.
Also, credit unions used their increased deposits to raise investments by 11.4%, to $99 billion.
The report covered the country's 10,145 federally insured credit unions. Between 400 and 500 credit unions were not included in the results because their states do not require federal insurance.
