WASHINGTON Credit unions have been grabbing a bigger share of insured deposits from banks and thrifts in the past 10 years, according to a report issued Wednesday.
Insured deposits rose 6.16% from 1989 to 1999 at credit unions, against 1.42% at banks. Insured deposits at thrifts fell 2.14% during that period, according to the 2001 Credit Union Directory from Callahan & Associates, a consultant group that publishes reports on the industry.
Charles W. Filson, president of Callahan, said credit unions have been more aggressive in pursuing insured deposits because banks and thrifts have other funding sources, such as Federal Home Loan bank advances.
