R. Stanley Barnes
CSE Federal Credit Union
Ohio credit unions overall posted strong financial performances in 2011 as the economy continued to show signs of improvement. Growth in assets, member deposits and loans all exceeded national averages. Likewise, the average loan delinquency rate in Ohio’s credit unions remains below the national average at 1.33 percent and capital levels, which include net worth and allowance for loan losses, remain high.
Locally, CSE Federal Credit Union in Canton posted similar positive results and completed one of the most successful years in its history.
Demand for consumer loans, especially auto loans, was particularly strong in 2011, leading to loan growth of 18.7 percent. New member growth was also strong at 13.7 percent, contributing to growth of member deposits of 14.5 percent. The encouraging fact is that these trends are continuing into 2012.
While many members have experienced job loss or reduction in wages, the credit union has found ways to work with these members to avoid foreclosures or repossessions. CSE continues to expand its services and facilities and we have just begun construction of a 7,000-square-foot branch office that will serve as a retail branch and a lending center with extended hours. We intend to hire 20 new employees before the end of the year to staff the new office. We are very optimistic about our future.