Credit unions in OH decline with increased mergers - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Credit unions in OH decline with increased mergers

AKRON, Ohio (AP) - Membership and assets of credit unions in Ohio have been growing despite a decline in their numbers as more of the institutions merge.

The Akron Beacon Journal (http://bit.ly/1bt1if3) reports that the number of credit unions has dropped 12.5% over the past five years in Ohio to 356. Industry experts say the decrease mirrors a nationwide decline as consolidation becomes widespread in the alternative banking industry. But they say remaining credit unions are becoming stronger.

Membership rose from 2.6 million to 2.7 million and assets climbed from $19.3 billion to $24.4 billion over the same time period.

A state Department of Commerce official says some smaller credit unions that had not kept up with technology and weren't attracting new members are among those closing or merging with larger ones.

 

Information from: Akron Beacon Journal, http://www.ohio.com

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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