IE Business Daily Business news for the Inland Empire.
Credit unions continue to gain popularity in the Inland Empire.
Membership in the consumer-owned financial institutions grew in Riverside and San Bernardino counties grew 11.8 percent between the fourth quarter of last year and the fourth quarter of 2014, according to data released by the California Credit Union League.
Credit unions in the two-county region added approximately 35,000 members during that time, raising its overall membership to more that 332,000.
Total deposits reached $2.61 billion during October, November and December of last year, a record for the Inland Empire. Lending reached $1.57 billion, a 30 percent quarter-over-quarter increase, the credit union league reported.
Credit unions are gaining popularity in the Inland Empire, just as they are throughout the United States, partly because they’ve gotten more aggressive in their lending practices, said Dwight Johnston, chief economist with the credit union league.
Not only have they stepped up their efforts in auto loans, which have always been a specialty of credit unions, they’ve also picked up some of the slack in home loans, which some banks cut back on or did away with entirely because of the recession, Johnston said.
In the Inland Empire, credit unions are helped by the region’s growth in population and jobs.
“More people and more jobs means more money, and that’s helping us grow,” Johnston said. “Credit unions in California are in good position to handle whatever comes their way. Even if there’s an increase in interest rates I don’t think it will hurt us.”
