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Idaho credit unions lead the nation in gains

Idaho credit unions have seen a larger increase in loans and members than credit unions in every other state in the country.

A recent report from the National Credit Union Association said that Idaho had 15.2 percent loan growth, up to $3.75 billion in loans, for the year ending in September. That is more than double the national average of less than 7 percent growth. Membership at credit unions grew by 8.9 percent, more than triple the national average of 2.2 percent.

Idaho has 601,000 credit union members, roughly a third of the state population, according to the Idaho Credit Union League. Four credit unions, Idaho Central Credit Union Potlatch #1 Federal Credit Union, Capital Educators Federal Credit Union and East Idaho Credit Union, accounted for nearly all of the growth in loan revenues.

ICCU, the state’s largest credit union, now has 151,000 members and grew membership by 20 percent, according to president Kent Oram. He said ICCU has expanded its marketing efforts to bring in more members, and “that national distaste for large institutions has found its way here.”

Idaho also had the second-lowest delinquency rate in the country during the third quarter of 2013. More than 80 percent of Idaho credit unions posted a positive net income during the first nine months of 2013, said the NCUA.

 

About Brad Iverson-Long

Brad Iverson-Long is a reporter for the Idaho Business Review, covering banks, financial services, technology and new business.