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US credit unions book highest deposit growth since Q4'17

Shares and deposits at U.S. credit unions booked their highest year-over-year growth rate in a year and a half during the second quarter.

Total shares and deposits for the industry was $1.295 trillion at June 30, showing an increase for the third consecutive quarter. Shares and deposits were up 6.0% from the year-ago period, representing the highest year-over-year growth rate since the fourth quarter of 2017.

Mergers propelled two credit unions above the 75% deposit growth level: Novi, Mich.-based Vibe CU (previously known as Oakland County CU) and Brunswick, Maine-based Atlantic Regional FCU. The former Vibe CU merged with Oakland County CU at the beginning of 2019, with the combined company taking the Vibe name. York County FCU merged with Atlantic Regional in April.

Other companies with high deposit growth rates also were aided by merger activity, including Hauppauge, N.Y.-based Teachers FCU, which held $6.67 billion in total shares and deposits at June 30. Teachers FCU assumed some of the assets of two New York-based credit unions, Melrose CU and Lomto FCU, which the National Credit Union Administration liquidated in 2018.

Year-over-year growth in loans and leases fell for the fourth consecutive quarter, but at 6.5%, it remained higher than deposit growth.

Credit union membership totaled nearly 120 million at June 30, with growth of 1.1 million on a quarter-over-quarter basis.

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