By Chelsea Keenan, The Gazette
Iowa’s credit unions are in the midst of a growth spurt.
And banks are crying foul.
Data provided by the Iowa Credit Union League shows that although the number of credit unions has dropped from 126 in 2012 to 113 this year, total assets and members have grown substantially.
Total assets grew 16 percent from $10.5 billion in the first quarter of 2012 to $12.2 billion in the first quarter of 2014 while membership grew 3.9 percent from 983,183 to 1,021,449 during that same time period.
A March report from the National Credit Union Administration shows that the state’s credit unions also are ranked second in the nation in annual loan growth, which grew 14.4 percent to $8.3 billion. This is compared with an 8.8 percent increase nationwide.
Jim Niederhauser, vice president of member services for the Iowa Credit Union League, attributed the growth to several factors, including the state’s strengthening economy.
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