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VERIBANC SEES CREDIT UNION GROWTH CONTINUING AS NUMBERS DECLINE

 WAKEFIELD, Mass., Aug. 24 /PRNewswire/ -- On Aug. 16, the National Credit Union Administration released first half, 1993 data for 12,804 credit unions. Currently included among the credit union industry are 12,453 federally insured institutions and 351 non-federally insured firms. Veribanc's analysis indicates that the industry's growth continues and that its financial condition remains sound.
 The full study details asset and deposit growth, along with shrinkage in the number of credit unions over the past several years. When measured by assets or deposits, credit unions are expanding ten times faster than banks. However, the number of credit unions is decreasing at close to the banks' rate of decline, 7.5 percent of all credit unions have disappeared over the past 30 months (vs. 8.4 percent of all banks).
 A state-by-state examination of lending shows that the state which led in credit union loan expansion since 1990 is Kansas, with a 64.9 percent increase in loans. During the same period Wyoming saw more growth in the particular category of real estate loans than any other state, with a 101.3 percent increase. The 50 largest credit unions are also profiled in the study. All but two receive Veribanc's top (green with three stars) safety rating.
 Veribanc is a private bank rating and research firm that specializes in providing plain English information to consumers and business people outside of the banking industry. In addition, the company performs specialized analysis and research for bank and nonbank clients including corporate, institutional, and government agencies, as well as federal and state bank regulators. Ratings for any bank, thrift or credit union in the country are available from Veribanc for as little as $10 for the first institution and $5 for each additional institution. The company also sells more detailed reports.
 -0- 8/24/93
 /NOTE TO EDITOR: A four-page summary of the study and more detailed information are available upon request./
 /CONTACT: Warren G. Heller, research director of Veribanc, 617-245-1226/


CO: Veribanc ST: Massachusetts IN: FIN SU:

CM-DJ -- NE005 -- 5427 08/24/93 11:49 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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