BIRMINGHAM, Ala./TALLAHASSEE, Fla.–During the first quarter of 2015, membership in Florida CUs passed the five-million mark for the first time, while CUs in Alabama approached two million members, according to the League of Southeastern Credit Unions & Affiliates.
Credit unions in Florida added 90,000 new members in Q1, while Alabama CUs added 13,000 to total 1.93 million. Credit unions in Florida also added $2-billion in new assets for a record $51.8 billion in total assets. Credit unions in Alabama added $541 million in new assets in the first quarter for a record $19.5 billion in assets.
“Passing the five-million member mark in Florida is a significant milestone,” said LSCU & Affiliates President/CEO Patrick La Pine. “Florida has the fourth most members in the country and Alabama is climbing on the list. What we are seeing is more people are searching for a local financial institution that has their best interest in mind. Once a person joins a credit union, not only are they a member owner, but they rarely leave because the member service experience is so good.”
Credit unions in Florida are seeing better growth than the national credit union average in loans, member business loans, and savings, LSCU stated. Florida CUs added $542 million in new loans with $85 million of those loans going to member business loans.
Florida members saved $1.7 billion in the quarter; nearly one full percentage point higher savings growth than the national credit union average, the league said. Alabama CU members saved $477 million during the first quarter.
Credit unions in Alabama have a collective net worth ratio of 11.4%, nearly one percentage point higher than the national credit union average, while Florida CUs’ net worth stood at 10.8%.