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CU Assets in Cornerstone Region Exceed $98 Billion
Wednesday, June 11, 2014 7:00 AM

Cornerstone Credit Union League CEO Dick Ensweiler says it is credit unions’ commitment to people that has led to their continued growth and success. According to Cornerstone’s research department, in the first 90 days in 2014, the 628 credit unions in Arkansas, Oklahoma and Texas added $3.1 billion in assets to their members’ financial institutions. Total assets now stand at $98.43 billion.

In the first 90 days in 2014, credit unions in the region also:

  • Owned $1.96 billion in real estate in the form of land and buildings, providing municipalities over $44 million in the form of annual property taxes.
  • Enrolled over 100,000 new members, at a pace of 1,675 new members every business day. The current membership now has reached 9,655,736.
  • Grew deposits by $2.94 billion to reach $85.56 billion on deposit. This equates to accepting $47.5 million every business day. Average members’ deposits now equal $8,861 per member.
  • Managed over $6.46 billion in retirement accounts.
  • Grew their Loan portfolios by more than $1 billion. The loan portfolio now tops $62.22 billion.
  • Wrote over $7.79 billion in new loans as members paid off nearly $7 in current loans. A total of over 725,000 loans were written. This equates to writing one new loan every 10 seconds of every single day, and injecting over $60,000 into the economy every minute of every single day.
  • Produced over $621 million in net interest income, funds used to manage and grow the organization.
  • Had regular reserves of over $1.27 billion and undivided earnings of over $7.63 billion.
  • Had over $4.66 billion on deposit in commercial banks. They also have over $13.49 billion in securities available for sale.
  • Invested over $16.68 billion in federal securities, demonstrating that in the U.S. they trust.
  • Provided employment for over 27,000 people and spent over $393 million in salary and benefits.
  • Spent over $28.33 million in advertising to their members and community, funds that provided employment for outside organizations in the advertising and communications industries
  • Kept their staff well-educated by investing over $7.31 million in conference attendance and travel.
  • Housed their employees in offices and branches, and invested over $212.36 million to do so, monies that flowed into the communities through purchases of supplies, utilities, rent and other office materials.
  • Employed the services of outside organizations and paid over $69.02 million for their assistance, and an additional $25.35 million for other miscellaneous expenses.
  • Managed and serviced over $31.94 billion in automobile loans. This represents over 685,000 new vehicles and 1.36 million used vehicles.
  • Held a Net Worth Ratio of 13.34, nearly double what the NCUA considers well capitalized