Local Credit Unions Continue to Grow

Inland Empire credit unions put up some impressive numbers during the third quarter of 2015.

The 23 credit unions based in Riverside and San Bernardino counties posted a record $2.57 billion worth of deposits during the quarter, according to a report released Tuesday by the California & Nevada Credit Union Leagues.

Also, the region’s 31 percent year-over-year loan growth more than doubled the statewide growth rate, and membership in local credit unions topped 300,000 for the first time since 2002, the organization stated in its report.

Inland Empire credit unions also reported a 34.8 percent increase in first mortgages, a 24.8 percent increase in business loans, a 90.5 percent hike in loans for new automobiles and a 44.5 percent increase for used automobile loans.

More and more, Inland Empire credit unions are flexing their muscle and are becoming a popular alternative to banks, said Matt Wrye, spokesman for the credit union leagues.

Several factors, including job growth and more affordable housing, are helping Inland Empire-based credit unions outperform many of their counterparts in California, according to Wrye.

“That’s why we’re seeing a lot of these [categories] go up,” Wrye said. “It’s not the whole story, but it’s a big part of it. It’s all an indication of growing financial health.”

Inland Empire-based credit unions added more than 6,200 members between the third quarter of 2014 and the third quarter of 2015. They also employed about 850 people during the third quarter of this year, a year-over-year increase of nearly 17 percent, the report stated.