Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.
Local Government Federal Credit Union is postponing its separation from State Employees Credit Union, which has shared its technology and footprint for decades, to establish its own physical presence.
U.S. banks lost 2.5% of their deposits during the first quarter while credit unions saw a 2.1% quarterly increase, according to an S&P Global Market Intelligence analysis. Aggressive marketing and credit unions' relatively untarnished reputations helped motivate the shift.