South Florida credit unions write more loans as economy improves

More money is flowing into credit unions in Broward, Palm Beach and Miami-Dade counties as the local economy improves, according to the League of Southeastern Credit Unions & Affiliates. South Florida credit  canada-goose-outlet-online sale unions are writing more loans as their assets continue to grow, according to the League of Southeastern Credit Unions & Affiliates. […]

More money is flowing into credit unions in Broward, Palm Beach and Miami-Dade counties as the local economy improves, according to the League of Southeastern Credit Unions & Affiliates.

South Florida credit  canada-goose-outlet-online sale unions are writing more loans as their assets continue to grow, according to the League of Southeastern Credit Unions & Affiliates.

More money is flowing into credit unions in Broward, Palm Beach and Miami-Dade counties as the local economy improves, said Patrick La Pine, president and CEO of the league. Assets in the tri-county’s credit unions reached $6.4 billion as of June 30, an increase of $207 million compared to the previous year, the association reported.

South Florida credit unions  canada goose kensington parka sale wrote $199 million in the year ending June 30, bringing their total outstanding loans to $3.3 billion, the data showed.

“It’s amazing to see the growth in South Florida,” La Pine said.

New credit union members in the tri-county area include Brazilians and other foreigners opening accounts, he said. “You had folks coming into South Florida — that will boost the economy,” La Pine said.

Credit unions also are stimulating the local economy by writing more mortgage and car loans to South Floridians as well as loans to small businesses in the tri-county area, he added.

Loan activity was particularly strong by credit unions in Palm Beach County, league data shows.

Palm Beach County credit unions wrote $96 million in new loans, bringing their total outstanding loans to $814 million in the year ending June 30.

About two-thirds of new loans were written to consumers, including $14 million in new auto loans, $28 million in used car loans and $21 million for mortgages, league data showed.

Total assets of Palm Beach County’s credit unions increased by $40 million to $1.5 billion.

The added loan activity helped fuel hiring, as the county’s credit unions added 58 full-time workers. Total full-time workforce in the county was 440 at year-end.

Meanwhile, Broward credit unions wrote $32 million in new loans and totalled $1.4 billion in outstanding loans in the year ending June 30, league data showed. About two-thirds of new loans — $21 million — were new mortgages.

Assets at Broward credit unions reached $2.4 billion in June, an increase of $70 million over the previous year. Full-time staffing at the county’s credit unions grew by 18 positions to 661 full-time jobs, the league said.

At Miami-Dade credit unions, assets increased by $97 million to $2.5 billion. New loans totalled $71 million, including $47 million in auto loans and $10 million in new mortgages. Outstanding loans totalled $1.02 billion, while employment grew by 14 full-time jobs to 840.

Statewide, credit unions set new growth records, ending the year with $52.2 billion in assets, 5.1 million members and $32 billion in loans, said league spokesman Mike Bridges.

dgehrke@tribpub.com or Twitter @donnagehrke

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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