New York credit unions grow during economic slump
July 23, 2009
By MoneyAisle
According to Democrat and Chronicle, during the first quarter, credit unions in New York saw increases in their loans, deposits, assets, and membership.
Based on reports by the Credit Union National Association, loans rose by 8.7 percent, deposits by 11.6 percent, assets by 10.6, and members went up 2.3 percent.
William J. Mellin, president and CEO of the Credit Union Association of New York said, “These figures reflect the fact that New York’s credit unions have not only remained well-capitalized throughout the financial turmoil that has captured headlines and the public’s attention for the last year, but have grown in assets and loans.”