Banking & Finance

Ohio Credit Unions See Growth in Members, Loans

COLUMBUS, Ohio – The number of people who joined a credit union based in the Buckeye State rose by more than 46,000 in the fiscal year ended June 30, the Ohio Credit Union League reported this week.

Total membership in the nearly 300 Ohio-based credit unions is 2.85 million. The Bureau of the Census projects state the population will be roughly 11.7 million by year-end, the league’s report noted.

The Seven Seventeen Credit Union, Warren, saw its membership rise by 800 in fiscal 2016, Eric Lanham, senior vice president and its marketing director, said. That is organic growth, he noted, and excludes the acquisition of the 7,300 members of the former Kent Credit Union.

Associated School Employees Credit Union, Austintown, saw its membership rise by 1,000, a 7% increase, said Mike Kurish, its president and CEO. “We offered seven new programs,” he said, attributing both the growth in new members and current members opening new accounts to the additional services offered.

Beyond growth in new members, Ohio-based credit unions saw a 7.5% increase in their loan portfolios. Lending to small businesses rose 41.6% to $162.3 million, while mortgage lending rose 26.4%, or by $1.2 billion, the president of the credit union league, Paul Mercer said.

Loans for new cars and trucks fell 6.6% during fiscal 2016 but used-car lending rose 9.8% to top $4.9 billion, the league reported. The average balance on a car loan grew to $12,700, 3.6% higher than the car-loan balance in fiscal 2015.

Pictured: An office of Seven Seventeen Credit Union, which saw its membership rise by 800 in fiscal 2016.

Published by The Business Journal, Youngstown, Ohio.