Georgia credit union loan growth outpaces banks

As more Georgia consumers take advantage of the service-driven culture of credit unions, cooperative financial institutions are experiencing significant and consistent loan growth.

“Being member-owned, credit unions don’t have shareholders to pay,” said Mike Mercer, president/CEO of Georgia Credit Union Affiliates. “Members benefit directly and personally from their relationships with their credit unions. Credit union loan growth illustrates the positive impact credit unions continue to have in stimulating the economy and helping people afford life.”

Credit unions have outpaced banks in loan growth in each of the last 12 years.

When the financial crisis of 2008 hit banks hard, and the rate of bank lending decreased by double digits the following year, loans were up by almost seven-percent at credit unions.

 

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