Florida’s credit union growth surpasses national average

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August 9, 2019 (Courtesy: Jacksonville Business Journal)

Florida-based credit unions grew their assets, members and loans in the first part of 2019, according to the League of Southeastern Credit Unions & Affiliates.

Assets for Florida credit unions reached an average of $531 million in the first quarter of 2019, nearly double the national average of $279 million. That’s up from $507 million during the fourth quarter of 2018.

Credit union membership also increased.

More than 68,000 new members joined Florida credit unions in the first quarter of the year. LSCU projects membership across the state will surpass six million by August.

“We’re seeing an impressive growth rate among members choosing credit unions as their preferred financial institutions,” Patrick LaPine, president and CEO of LSCU, said in a statement.

Total loans rose 1.3 percent – triple the national rate of 0.4 percent – and the state’s delinquent loan rates fell to 0.4 percent, down from 0.57 percent in 2018.

LSCU is a trade association for credit unions based in Florida and Alabama. The organization reports it represents more than 243 credit unions with a combined $88 billion and assets and 7.8 million members.

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