IE Business Daily Business news for the Inland Empire.
Inland Empire credit unions loaned more than $1.7 billion within the local community during the third quarter, a 12 percent year-over-year increase, according to the California and Nevada Credit Union League.
That was the highest amount loaned by local credit unions since 2010, as well as a 57 percent increase from the post-recession low of $1.1 billion that was recorded in 2013, the credit union league reported Thursday.
Credit unions based in Riverside and San Bernardino counties increased their new automobile loans by 33 percent, loans for used automobiles by 21 percent and business loans by 54 percent.
Local credit unions also increased their credit card lending during the third quarter by nine percent while holding deposits of more than $2.7 billion from local consumers. The latter was an eight percent year-over-year increase.
Twenty three credit union leagues were headquartered in the Inland Empire during the third quarter of this year, with more than 341,000 members combined. That was a 13 percent increase in membership year-over-year, according to the credit union league.
