Alexandria, VA (May 31, 2011)
– Key credit union financial indicators show improvement in the first quarter of 2011, but economic conditions continue to pose a challenge for the system. Overall, earnings, shares, assets, members and investments grew over the previous quarter, according to Call Reports submitted by the nation’s 7,292 federally insured credit unions to the National Credit Union Administration (NCUA).
“The solid financial start to 2011 shows the resilience of the industry, and credit unions as a group continue to make solid progress during the economic recovery,” NCUA Board Chairman Debbie Matz noted. “As we map the road ahead, NCUA will continue its efforts to keep credit unions well positioned to serve American consumers.”
Credit union membership increased, growing to 90.8 million members, up from 90.5 million at the end of 2010. Credit union total assets continued to grow and stood at $939 billion on March 31, a jump of nearly $25 billion during the quarter.
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