Report: Ohio credit unions saw ups, downs

Staff report

YOUNGSTOWN

Ohio credit unions posted strong numbers in the first quarter but also saw revenues fall, according to an Ohio Credit Union League’s Quarterly Performance Summary.

“Growing, progressive, and modern is how Ohio credit unions are best described today,” said Paul Mercer, president of the OCUL in a release this week.

“Despite a difficult economy and regulatory pressures, Ohio credit unions are thriving by creating financial products and services designed to help members, and member businesses, succeed.”

Membership in Ohio was up 1.2 percent over the past 12 months, more than double the national average of 0.56 percent. Ohio credit unions added 30,749 members, and North Jackson-based Credit Union One was one of the biggest winners, increasing nearly 13 percent.

“We had a lot of growth because General Motors added more people and transfers that came from other states,” said Linda Cappella, CEO of Credit Union One. “That’s how we got our membership growth.”

Small-business, auto lending and first- mortgage originations all rose in 2011’s opening quarter, while delinquency rates continued to fall well below the national average.

Revenues, however, fell 2.7 percent to $283 million during the first quarter, due to historically low interest rates. Capital levels stayed above 10 percent.

Small-business loans increased from $23.7 million to $28.4 million, and loan balances grew 8.3 percent in Ohio, faster than the 6.4-percent rate registered nationally.

Auto-loan growth rose by 1.3 percent. Delinquency rates fell from 1.36 percent to 1.21 percent, well below the national average of 1.63 percent.