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Loan Growth Fastest in Idaho and Oklahoma, NCUA Reports
Friday, September 6, 2013 7:00 AM

A new analysis of state-level data for federally insured credit unions finds strong growth in loans and membership in the year ending June 30, 2013, according to the National Credit Union Administration.  The NCUA reports that total loans outstanding grew 5.5 percent in the year ending in the second quarter of 2013, up from 3.2 percent the previous year. All but six of the 54 states and territories included in the report showed loan growth, with Idaho (13.4 percent) and Oklahoma (12.1 percent) posting the largest gains.

Mike Kloiber, president and CEO of Tinker FCU, says Oklahoma's economy has remained strong and unemployment low.

“We have diversified our economy since the oil boom and bust of the late 1970s and 80s,” he said. “The current oil boom is playing a big role in the state's prosperity, but it is not the sole reason. The loan growth we are presently experiencing comes from a strong automobile market fueled by a need to replace aging vehicles, and improving consumer confidence.”

The NCUA report also finds that membership in federally insured credit unions rose 2.2 percent to 95.2 million in the year ending in the second quarter, a slightly slower pace than in the year ending in the second quarter of 2012. Membership increased in 41 of the states and territories.

The NCUA Quarterly U.S. Map Review, available here, tracks performance indicators for federally insured credit unions in the 50 states, the District of Columbia, Puerto Rico, Guam and the Virgin Islands. The review also summarizes key state-level economic indicators, including unemployment rates and home price changes.