Massachusetts credit union memberships ticked up by 1.8 percent in the second quarter this year, the Cooperative Credit Union Association recently reported.
The association also said the Bay State’s 3.9 percent membership increase over the prior 12 months represented the fastest increase in 15 years and was more than seven times faster than the rate of the state’s population growth.
Loans also grew 3 percent at Massachusetts credit unions during the second quarter, compared with 2.8 percent in the year-ago period, the association said in its daily newsletter. Year-to-date, loans increased by 8.4 percent by June.
Finally, the credit union trade group said that loan growth was broad-based with all but one key portfolio segments reflecting strong quarterly increases. Member business loans increased 5 percent, first mortgages increased 4 percent, and personal unsecured loans increased 3.3 percent in the quarter. Home equity lines and second mortgages increased 2.5 percent, and new and used auto loans increased 1.5 percent and 1.3 percent respectively. Credit card balances remained relatively flat in the quarter.



