Asset credit unions' growth Act, income falls

After years of growth, the largest county credit unions have been at a 1% increase in assets that have to do your customers with a faltering economy.

The 31 largest co-operative banks to assets increased from 1% to almost 13.2 billion U.S. dollars for the 12 months to June, according to the list of this week, "Journal of Business.

Without No 1 Santa Ana-based First Federal Credit Union School, which has the list with 60% of its assets, the 30 largest credit unions located here dominate increases in assets from 2.7% to 5.2 billion.

A year ago, the assets of the Group increased 9% in the previous year by 10%.

The list is among credit unions by assets including cash, real estate loans and securities.

Financial information from the California Department of Financial Insti-tute and the National Credit Union Adminis-tration.

Part of the delay on the growth of assets was a decline in membership of credit unions has fallen to 1%, causing more than 8,000 people, 778,333 last year.

Officials blamed the decline partly to falling demand for credit, how to join credit unions historically for simple applications. Like many banks in the community, provided credit unions loans of less and set aside more money to protect themselves against potential bad loans in recent years.

Credit cooperatives are not-for-profit organizations that provide banking services to the members to share a common bond, whether at work, occupation, religion, ethnicity or other affiliations.

Although credit unions avoid several overextended loans do not settle out of the way some banks, they are still vulnerable to problems with loans to go bad, a lack of funding and a decline in loans.

The Group's net profit for the six months to June were previously around 94% to $ 2 million from 32 million a year loss of 25 of the 31 credit unions reporting.

With a low-profile sale, they try to compete with banks and savings banks to offer lower prices and charges for loans, while offering higher yields on deposits.

Many rely on recommendations for growth.