In the Golden State, a State of Gold Not Seen Before

ONTARIO, Calif.–Credit unions headquartered in California have surpassed $200-billion in assets for the first time, closing the first quarter at $206-billion.

California

The asset growth has been accompanied by what the California Credit Union League described as a “huge surge” in loan and deposit growth from 2016 through 2018, and also reflects that is a doubling of assets in just a dozen years.

According to the league, Golden State credit unions hit $100 billion in total assets in early 2007.

“On average, the industry’s assets in California have expanded $8.33 billion per year since then,” the CCUL said. “The number of credit unions keeps shrinking while the industry’s average asset size continues growing larger to meet the needs of more members and their loan and deposit choices.”

The California league, which operates the Nevada league under a management contract, also reported Nevada’s credit unions hit a breakthrough one year ago in Q1 2018 when they surpassed $5 billion in assets. The Silver State CUs have added another $200 million in assets since then.

‘Changing Lives’

“Credit unions’ commitment to representing and fighting for their members remains strong,” Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, said in a statement. “Together, the leagues and its member credit unions stand united as they advocate on crucial state and federal issues in Sacramento, Carson City and Washington, D.C., that affect the financial lives of the individuals they serve. We look forward to continuing our mission of changing credit union members’ lives.”

The leagues also released data comparing Q1 2019 with Q1 2018 showing:

  • The number of locally headquartered CUs in 2019: 308, 2018: 311
  • Members: 12.3 million in 2019, 11.7 million in 2018
  • Total deposits: $175 billion in 2019, $166 billion in 2018
  • Total loans: $140 billion in 2019, $129 billion in 2018

Nevada’s Q1 2019 Versus 2018

  • Nevada-headquartered CUs: 15 in 2019, 16 in 2018
  • Members: 361,000 in 2019, 353,000 in 2018
  • Total deposits: $4.6 billion in 2019, $4.4 billion in 2019
    Loans: $3.1 billion in 2019 vs. $2.8 billion in 2018
Section: Standard
Word Count: 451
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/In-the-Golden-State-a-State-of-Gold-Not-Seen-Before