November 27, 2013
Missouri credit unions top $11 billion in assets for first time
Missouri ranks eighth in nation in state-chartered credit unions
Jefferson City, Mo. - Missouri credit unions regulated at the state level have reached a milestone in growth, surpassing $11 billion in assets for the first time. The Missouri Division of Credit Unions made the announcement regarding the 118 institutions it regulates, known as state-chartered credit unions.
Missouri ranks eighth in the nation in the number of state-chartered credit unions. About 90 percent of credit unions in Missouri are state chartered. In addition to the 118 regulated by the Division of Credit Unions, 12 are federally chartered. State-chartered credit unions as of June 30 had $11.2 billion in assets, $9.7 billion in deposits and had loan volume of $6.5 billion. All credit unions in Missouri are federally insured by the National Credit Union Share Insurance Fund.
"The continued growth of assets reflects the vital role of Missouri's credit unions and their contribution to the strength of our state's economy and financial sector," said Ken Bonnot, director of the Missouri Division of Credit Unions.
Credit unions are not-for profit, member-owned financial cooperatives, governed by a member-elected volunteer Board of Directors. To be eligible for membership, an individual must qualify according to each credit union's field of membership.
Consumers with questions can contact the Division of Credit Unions at 573-751-3419 or cu.mo.gov.