Credit unions in the Golden State continue to see strong growth, according to a recent report from the California and Nevada Credit Union Leagues.
During the first quarter of 2017, California’s credit unions experienced a continued surge in mortgage and auto lending, along with boosts in credit cards, HELOCs, deposits and more. Among the highlights:
- First mortgages rose by 14% to $58 billion
- HELOCs and second mortgages were up by 3%, reaching $9.9 billion — a figure not seen since 2012
- New car loans were up by 30% to a record $16 billion
- Used car loans rose by 16% to $19 billion — another record
- Credit card lending grew by 7%, reaching $5.4 billion
All data represents year-over-year gains.
Along with significant upticks in lending, California CUs also saw deposits rise by 11% to $156 billion, and credit union employment in the state grew by 6% to 28,500 jobs.
The state’s 324 credit unions added 668,000 new members — a 6% increase — to hit a record-high 11.1 million members statewide.
