Our last Connections newsletter shared a report showing that our members saved $7.7 Million throughout 2016 by banking with our not-for-profit financial cooperative rather than a bank or other financial institution. Isn’t that awesome? It pays to be a member of a credit union, especially in the Pacific Northwest. A new report shows that Oregon and Washington are leading the nation in credit union financial health, meaning better rates and service for you, our members!
As part of their regular review of the financial health and viability of credit unions across the nation, the National Credit Union Administration (NCUA) just released their First Quarter 2017 report. We were thrilled to find Oregon and Washington near the top of almost every metric, including Asset Growth, Membership Growth, Loan Growth and Return on Average Assets.
As members of Unitus, one of the largest credit unions in Oregon, we know that we all grow stronger when we cooperate and help each other. Together, we are proving the power of doing good by doing well. Just look how your membership is paying off!
Oregon and Washington credit unions dominate the national charts
- Oregon was #1 in the nation in Median Asset Growth (9.3%)! Washington followed closely behind at #4 (7.2%). This reflects the improving financial well-being of our members.
- Oregon was #1 in the nation in Median Growth Rate in Shares and Deposits (9.5%)! Washington again came in at #4 (7.8%). When members deposit more, not only is that a good sign for their financial health but it also helps us lower interest rates on loans, saving members more.
- Washington bested Oregon in Median Membership Growth Rate, landing at #2 (2.4%). Oregon was not far behind at #4 (1.9%). Alaska was first at 2.6%. Our movement is growing! Plus, the more members we have, the more each member saves!
- Wow! Oregon and Washington took #1 and #2 in Median Loan Growth, at 10.9% and 9.4%, respectively. Tied for second with Washington was Nevada. This loan growth means that our members are getting loans at great rates to help make their dreams come true!
- Oregon was #2 in Median Return on Average Assets (59 basis points). Washington finished at #7 (49 bps). This measure shows how efficiently financial institutions utilize their assets.
- Lastly, Oregon led all 50 states in the Share of Federally Insured Credit Unions with Positive Net Income at 97%! This shows that together we are helping credit unions become the go-to financial institution, promoting our values of financial integrity, transparency and legendary service. You can check Washington’s rank, along with the Oregon and Washington rankings for each category in the image enclosed below (edited to focus on the Northwest).
To learn more about Unitus’ own report on our record-breaking 2016, read our 2016 Annual Report.
To read the full NCUA Quarterly U.S. Map Review for the First Quarter of 2017, visit their archives page.
As credit union members in the Northwest, our financial health is at an all-time high and is poised to keep improving. We look forward to educating our members and supporting our communities for generations to come!
Posted By: Jacob Schnee
About the Author: Jacob joined Unitus as Marketing Specialist in March 2015 and transitioned to Marketing Communications Specialist in March 2017. His experience has spanned hospitality, business development, consulting, and marketing in various industries along the east coast, west coast and in between. When he is not developing internal and external communications for Unitus, he is engaging in recreational fitness, studying personality types and exploring the outdoors with his wife and dog.