Credit unions hit record numbers

Florida’s credit unions surged to new highs in membership and assets, according to the League of Southeastern Credit Unions & Affiliates.

Credit unions in Florida added 90,000 members in the first quarter to exceed a record of more than 5 million customers. Florida now has the fourth most members in the country, noted league president and CEO Patrick La Pine.

The state’s credit unions also increased savings, checking accounts and other assets by $2 billion in the first three months of this year for a record $51.8 billion in assets, the league reported. Floridians added $1.7 billion to savings accounts in the state’s credit unions, “nearly 1 full percentage point higher savings growth than the national credit union average,” the league reported.

In South Florida, We Florida Financial of Margate, one of the largest credit unions in the metro area, said it saw deposits rise — 15 percent in a year — after it raised interest rates to more than 2 percent for its 2 1⁄2

and five-year certificates of deposit in the first quarter.

“I know that doesn’t sound high, but it’s high in this current market,” said Lloyd E. Gill, president and CEO of We Florida Financial. Currently, the credit union is offering 2.2 percent interest for five-year IRA

CDs, he said.

The rebounding South Florida economy is also helping fuel the increase in savings, added Rich Helber, president and CEO of Miramar-based Tropical Financial, another one of South Florida’s largest credit unions with nine branches, including one in Palm Beach County. During a year, deposits at Tropical Financial have risen about 14

percent, Helber estimated.

“More people are back to work and aren’t spending their savings,” Helber said. “Incomes are rising, so they’re able to save more of their money.”

Credit unions in the state also awarded $542 million in new loans in the first quarter, including $85 million in loans to small businesses, the league said.

Broward County-based credit unions added $109 million in new accounts in the first quarter for $2.4 billion in total assets. They added $8 million in new loans for a total of $1.5 billion. Membership increased by 500 to 246,000.

Palm Beach Countybased credit unions took in $64 million in new accounts from January to March to have $1.5 billion in total assets.