The National Credit Union Administration (NCUA) announced, that for the first time in history, insured share and deposit account balances for U.S. credit unions increased over $1 trillion in 2016.
“By almost any measure, America’s credit unions continue to grow,” NCUA Board Chairman Rick Metsger said. “Rising credit union membership has boosted deposits, and loans have continued to grow at a double-digit pace.”
On a state level, LGFCU also experienced growth during that same period and noted the following increases in member activity:
- Deposit accounts increased by 5.9%
- Deposit balances increased by 8.3%
- Loan accounts grew by 7.4%
- Loan balances were up by 14.8%
“The increase of account activity at LGFCU in 2016 is an indication that the credit union model of ‘people before profits’ is attractive to new members and is valued by our existing members,” said Maurice Smith, CEO of LGFCU. “We offer products and services that help members achieve their financial goals, and our growth last year demonstrates member confidence in LGFCU.”