Texas credit unions have enjoyed continued growth, with membership reaching nearly eight million customers, an indication that the institutions have gained favor with the state and its citizens.
“Consumers want to do business with a financial institution they can trust,” Dick Ensweiler, the president and CEO of the Texas Credit Union League, said. “Texas credit unions have experienced remarkable growth in 2012 because consumers appreciate the fact that credit unions put people over profit.”
Membership at Texas credit unions has increased more rapidly in the past nine months than in any time period since the beginning of the recent financial crisis. For the year ending in September, membership at Texas credit unions grew 3.3 percent, surpassing the 2.9 percent annual growth rate in 2008 and 2009.
“The current growth rate exceeds the national average of 2.7 percent and brings the total membership to 7.96 million Texas residents,” Ensweiler said. “At the current growth rate, membership in Texas credit unions could easily top eight million Texans by year-end.”
The increase in membership is also evident in financial results. Since the beginning of 2012, Texas credit union members have added $2.8 billion to savings deposits, bringing Texas credit unions’ assets to more than $76 billion. Credit union loan portfolios have also increased by $2.5 billion to reach $47.4 billion.
Credit unions in Texas have also seen lower charge-offs and delinquencies in addition to growing membership, savings and borrowing. Total loan delinquencies are at 0.84 percent, while net charge-offs are approximately 0.5 percent. Additionally, almost 100 percent of all first mortgages remain in good standing.
“Texas credit unions are responsive to the needs of their communities, and their commitment to the financial success of Texas families has resulted in tremendous growth across the board,” Ensweiler said.