COLUMBUS, Ohio – Loans are up for Ohio CUs, which experienced a 35% rise in loan originations from June 2011 to June 2012, according to the Ohio CU League.
Ohio CUs added more than 28,000 new members and 54,200 checking accounts in that period.
“It is encouraging to see an increased demand in consumer loans, which indicates Ohioans are again becoming comfortable enough to start to use credit,” said league President Paul Mercer. “We haven’t experienced this in the last few years, with consumers focused on paying down debt.”
First-mortgage originations through June 2012 were strongly above levels reported in the first six months of 2011. Ohio credit unions originated $1 billion in first mortgages during the first half of 2012, up 68.8% from 2011. New vehicle loan balances rose by 11.1% in the second quarter, the first time new auto loan portfolios grew in this state since third quarter 2007.
Used auto loan balances in Ohio increased 10.9% annually, as new auto balances rose 11.4% during the same time. Credit union market share of auto loans in Ohio was 13.8% through June.