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California Wine Country credit unions see 42% jump in members, 16% rise in loans

in Business

Nine credit unions based in the North Bay raked in 23,300 new members as of June 30 from a year before, reaching a record high, a trade association second-quarter survey showed.

Membership rose 42% in that time to 586,000, a windfall beating out the 444,000 reached in 2012 for the same April-to-June quarter, according to the California and Nevada Credit Union Leagues.

It reported that the lending business churned out an even greater return, rising 16% to $7.9 billion between the nine credit unions. This increase dwarfed 2010’s high mark of $2.6 billion by 204%.

For lending, mortgages led the way with a 38% increase, amounting to $3.7 billion. The record figure pummeled 2009’s $639 million quarterly total, the Leagues added. Home equity loans and new auto loans saw a collective decrease by 10% and 5%, respectively.

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