Banks, credit unions see same loan growth in 2Q in R.I.

WASHINGTON – Despite credit union loan growth outpacing bank lending nationwide last quarter, loan growth from both types of institutions was nearly the same in Rhode Island, according to a recent analysis.
Washington, D.C,-based Callahan & Associates, a credit union advocacy group, compiled lending data from the National Credit Union Associates and Federal Deposit Insurance Corp. for the second quarter of this year, according to a press release.
The data shows credit unions in the quarter ended June 30 having increased their loan portfolio year over year by 10.6 percent. In comparison, banks increased their loan portfolio 5.4 percent during the same period, according to the analysis.
But Rhode Island bucks the trend, as banks realized 7.8 percent lending growth compared with 7.6 percent for credit unions.
Real estate lending was Rhode Island credit unions’s bread and butter, representing 76 percent of their second-quarter lending. For banks, real estate lending comprised 43.9 percent of their overall Rhode Island loan portfolio, while commercial and industrial loans comprised 27 percent, according to the analysis.

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