NJ, VA, NC Lead Asset Growth Across US

he 12-months ending June 2002 brought members’ saving back into the credit union system at a rate not seen since the initial period of deregulation in the mid-1980s. This return of savings occurred as the stock market’s major indices fell for the third year in a row.
Certain states performed better than others in total asset growth with twenty states growing faster than the entire US asset growth rate of 12.95%. The 31 states (including the District of Columbia) that fell below the average growth rate ranged down to 6.96%.

 
 

The 12-months ending June 2002 brought members’ saving back into the credit union system at a rate not seen since the initial period of deregulation in the mid-1980s. This return of savings occurred as the stock market’s major indices fell for the third year in a row.

Certain states performed better than others in total asset growth with twenty states growing faster than the entire US asset growth rate of 12.95%. The 31 states (including the District of Columbia) that fell below the average growth rate ranged down to 6.96%.

 

 

 

Nov. 18, 2002


Comments

 
 
 
  • Would sugest that you research how well N.C.'s General Economy(not the State Budget Deficit) compares against that of the other states in which you rank C.U. Asset Growth.While we have the on-going problem with loss of textile jobs to Mexico,I don't think we suffered as much as other states.Take this a step further,we have a relatively lower overall tax base compared to that in other states. Finally,the combination of a lengthy trend of bank mergers/acquisitions plus a healthy "de novo" small bank start-up environment,North Carolinians understand the "value of membership". Finally,all else taken into consideration,we have the best "pork Bar-B-Que" in town at the lowest rates---people save more at the CU!! RER
    Anonymous
     
     
     
  • My suspicions would lead me to investigate 2 potential factors: demographics and the state of bank mergers in those markets. On the demographic side, perhaps there is a specific population that have become particularly disenchanted with the stock market and have fled to safety more so than in other states. Relative to the bank merger environment, perhaps there is activity which is driving customers/members from banks to credit unions. David Knox Senior Associate CorePROFIT Solutions, Inc.
    Anonymous
     
     
     
  • The obvious solution for VA is that Navy Federal & Pentagon has mega-members all over the world and as a result those residing overseas or in any state are counted as Virginia when it really isn't where they reside. Jim Williams
    Anonymous
     
     
     
  • The obvious solution for VA is that Navy Federal & Pentagon has mega-members all over the world and as a result those residing overseas or in any state are counted as Virginia when it really isn't where they reside. Jim Williams
    Anonymous