Credit unions throughout the Central Valley saw their membership numbers increase by more than 36,000 by the third quarter last year.
Some 1.02 million consumers belong to one of the 38 credit unions headquartered within the Central Valley, which is a record high, according to the California Credit Union League.
“These credit union trends will continue as long as the economy continues to perform well,” said Dwight Johnston, chief economist for the California Credit Union League, in a press release. “There is nothing that suggests an economic slowdown is imminent, which makes the overall picture for credit unions bright.”
Credit union members are using deposits and loans to take on first-time or refinanced mortgages, using home equity lines of credit for remodeling or other large purchases, purchasing new vehicles with loans, using credit cards to pay for bills and saving more (deposits rose some 7 percent).