Missouri credit unions top national growth

The growth rate of Missouri's credit unions exceeded the national growth rate in both assets and loans by more than 25 percent in 2000, according to data released earlier this month by the Missouri Division of Credit Unions.

The data indicates that in 2000, Missouri's rate of growth in credit union assets and loans exceeded the national rates for all credit unions by 29 percent and 27 percent, respectively.

The assets held by the 172 state-chartered credit unions in Missouri increased by 8.4 percent in 2000, bringing the assets of state-chartered credit unions to a record $5.7 billion.

The growth resulted in a 14 percent increase in loans to credit union members and a 6.4 percent growth in members' savings.

Data also showed that members' equity increased 9.4 percent in 2000, which is slightly above the 9.2 percent increase in equity posted for all credit unions last year.

"Missouri's credit union cooperatives continue to be a bright spot for consumer financial services as they increase the ways in which their member/owners benefit from belonging. Credit unions are a safe and affordable place for Missourians to invest and borrow," said John P. Smith, director of the Missouri Division of Credit Unions, which regulates credit unions in the state.