The Sarasota Herald-Tribute recently covered the LSCU’s report on Florida’s credit unions’ strong performance in 2018, as well as naming credit unions rated superior by BauerFinancial Inc.
The article stated: “The state’s 132 credit unions reported a 16.6 percent gain in business loans in 2018, a big improvement over the 2 percent increase posted in 2017 and beating the national average of 12 percent, according to a report from the League of Southeastern Credit Union & Affiliates.” Read the full story here.
Similarly, credit unions in Alabama were featured in Birmingham Business Journal and praised for their 2018 performance.
The article said:
Most notably, Alabama’s credit union collective loan growth rate of 10.7 percent exceeded the national credit union collective loan growth rate of 9 percent in 2018 as well as surpassed its 2017 rate of 9.7 percent.
Patrick La Pine, president and CEO of the League of Southeastern Credit Unions & Affiliates, said this was fueled primarily by increased business loan growth and competitive interest rates.
“Alabama credit unions did a great job serving their members with very strong business loan growth that went up 18.5 percent in 2018, exceeding the very strong collective national credit union growth rate of 12 percent,” La Pine said. “Alabama credit unions, since they are not-for-profit financial cooperatives, offered their members very competitive interest rates. Collectively, the average loan rate was 4.63 percent in 2018. In 2017, the rate was 4.64 percent. Although rates only dropped 1 basis point during 2018, this drop went against the tide of rising interest rates.”
Read the full article here.