BIRMINGHAM, Ala./TALLAHEASEE, Fla. – Members and MBLs are growing rapidly for CUs in Florida and Alabama.
The League of Southeastern Credit Unions reported that through three quarters of 2012, credit unions in Alabama and Florida have added a collective 165,000 new members this year. In the third quarter alone, Florida credit unions added 35,000 new members and Alabama added 16,000. Both states have a record number of members – 4.7 million in Florida and 1.83 million in Alabama.
“Southeastern credit unions’ membership is growing at 2.5%, which is higher than the national credit union average,” said LSCU President and CEO Patrick La Pine. “We’ve seen five straight quarters of record growth. Between the two states, nearly 250,000 new members have joined a credit union during this span. This is an unprecedented stretch of membership growth.”
Member business loans are rising, as well. Florida has grown its MBLs 7.9% through three quarters of 2012 and Alabama 7.6% during the same period. The national CU MBL growth average is 5.7%.