Contact: Mike Bridges – Vice President, Communications 850.558.1022 email@example.com www.twitter.com/LeagueofSECUs
Southeastern Credit Unions add $615 million in Assets in Second Quarter; More Members join - Florida credit unions add 25,000 members in second quarter - Alabama credit unions’ total assets grow twice the national average TALLAHASSEE, FL — October 8, 2010 - Members in the Southeast are seeing the value in credit unions as second quarter statistics show collectively credit unions in Alabama and Florida added $615 million in assets. This represents five straight years of collective growth in assets. Credit unions’ assets in Alabama grew at a four-percent rate, which is double the national credit union average. The net worth ratio for Southeastern credit unions remains very healthy with Alabama credit unions net worth ratio at 11 percent, while Florida credit unions net worth ratio is nine percent. The industry standard for a well capitalized financial institution is seven percent. Florida credit unions added 25,000 members in the first two quarters of 2010. Florida credit unions have seen positive member growth for three straight quarters. Southeastern credit unions are seeing their loan delinquencies drop, Alabama’s delinquencies are a halfpercent below the national credit union average, and also net charge offs have fallen to their lowest level in three quarters. Florida’s credit unions also saw drops in loan delinquencies and net charge offs for the first time in two years. This shows credit unions in the Southeast are turning the corner from the economic downturn of the past few years. “The challenges facing credit unions in Alabama and Florida have been steep with the high unemployment rates in both states and the depressed housing market in Florida,” said LSCU President/CEO Patrick La Pine. “Credit unions’ philosophy centers on helping people. The second quarter statistics show that credit unions are working with members to keep them in their homes and to make payments on their loans. This will help position the member for long term financial success.” While more credit union members are paying off debt, many in Alabama and Florida continue to save. Alabama credit unions are seeing savings growth nearly one percent greater than the national credit union average. Florida credit union member savings has also been positive for the past four quarters. Even with a tight credit market, Southeastern credit unions are maintaining loan portfolio numbers. New, used and first mortgage loans have remained steady the past four quarters. The League of Southeastern Credit Unions represents 309 credit unions in Alabama and Florida with a combined total of $57 billion in assets and more than 6.3 million members. LSCU provides advocacy and regulatory information; education and training; cooperative initiatives (including financial education outreach); media relations and information; and business solutions. For more information, visit www.lscu.coop.