Georgia credit unions saw a 4.2 percent increase in total loans outstanding in the third quarter, compared with the previous quarter, according to Georgia Credit Union Affiliates.
Loans outstanding grew to $11.1 billion, from $10.6 billion in the second quarter, the GCUA reported Tuesday. The strongest growth was in auto loans, with credit unions seeing a 9.2 percent increase in new car loans and 7.6 percent in used car loans year to date.
Mike Mercer, GCUA’s president and chief executive officer, said the state’s strengthening economy and consumers’ willingness to spend money on big-ticket items, such as cars and trucks, are major reasons for the loan growth.
For the first nine months of the year, credit unions’ outstanding loans were up nearly 9 percent, according to GCUA, which represents 136 institutions.
The GCUA said savings balances declined 0.8 percent in the third quarter, but were up 5.5 percent for the first nine months. Checking balances were also up 5.5 percent for the first nine months
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