Latest Nevada Credit Unions Feature
Nevada's Credit Unions Experience Growth
By Doresa Banning
Originally published: http://www.nevadabusiness.com/2016/07/nevadas-credit-unions-experience-growth/
Despite new and ongoing challenges, Nevada’s credit unions are experiencing an upswing in membership and activity.
Of the state’s 17 credit unions, the nine in Northern Nevada attained a record high membership of 112,347 by adding 3,973 individuals between the fourth quarters of 2014 and 2015, the most recent period for which Nevada Credit Union League (NCUL) data is available. The NCUL is the trade association for Silver State-headquartered credit unions.
Similarly, in their first increase since 2008, the eight credit unions in Southern Nevada gained 1,498 people, taking their membership to 221,860.
“More and more consumers seem to be connecting the dots between the services they need and the value our financial cooperatives can deliver to them,” said Wally Murray, president/CEO, Greater Nevada Credit Union (GNCU), which has $620 million in assets, 51,000 members, 11 branches in Northern Nevada and a student-operated branch at Carson City High School.
During the same 12-month time frame, credit unions in the north loaned $754.4 million, a 14.9 percent year-over-year increase and an amount not seen since 2009. The area of greatest increase, of 58.4 percent, occurred in business loans. Great Basin Federal Credit Union (GBFCU), which has $145 million in assets, 17,000 members and three branches in the north, experienced 20 percent growth in all loan areas since the start of 2016, said Dennis Flannigan, president/CEO. [Read the full story.]
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