The South Florida Sun Sentinel highlighted credit unions in a story that ran on Monday. Credit unions in Palm Beach, Broward, and Miami-Dade have been seeing good success with loans, while also growing members, assets, and hiring more full-time employees.
Credit unions in Palm Beach and Miami-Dade counties have seen the largest increase in loan activity from the June Call Report data. Year over year, Miami-Dade credit unions have increased their loan portfolios by $97 million, while Palm Beach credit unions have increased their loan portfolios by $96 million. The strongest area of lending has been auto loans and first mortgages.
Broward county credit unions added $32 million in new loans, year over year. Many of those loans have gone to used car lending and first mortgages. Credit unions in all three counties increased their work force over the last year, which in turn is helping the local economy.
The League worked with the Sun Sentinel on the story to show the success of South Florida credit unions. You can read the full story on the Sun Sentinel website.