New Hampshire credit unions, which hold some $4.68 billion in assets, have seen growth in assets, deposits, loans and membership according to data compiled from year end reports released recently by the National Credit Union Administration.
Over the year the 23 credit unions located in the Granite State had aggregate growth in assets of 10.7% rising to $4.68 billion from $4.22 billion at the first of the year. This figure exceeds the national growth rate of 8.9%.
With more than 452,000 members and growing, New Hampshire credit union membership grew by 6.1% during 2008. “Clearly the people of New Hampshire see that credit unions are financially strong, well capitalized and working hard to meet their needs said New Hampshire Credit Union League president Daniel F. Egan, Jr.
Savings in New Hampshire credit unions are also up increasing by 13.2% since the beginning of the year. Nationally savings grew by more than 10%. “Credit unions traditionally offer more competitive savings rates than banks and consumer can save significantly by using the services of their local credit union,” added Egan.
Despite the fact that consumer has been hearing a great deal about the credit crunch Granite State credit unions are ready to meet their borrowing needs. Loans outstanding at New Hampshire credit unions grew by 9.7% to $3.13 billion dollars during 2009. Loan growth a credit unions in the Granite State outpaced the national rate which was 1.2%. According to Egan, New Hampshire credit unions have seen a growth in both loan applications and allocations. “New Hampshire’s credit unions take pride in offering fairly priced home, auto and personal loans to people who are part of our credit union community,” said Egan.
Credit Unions in New Hampshire are fully insured by the National Credit Union Administration (NCUA), which provides exactly the same deposit insurance coverage banks received from the FDIC. Member accounts are insured up to $250,000.