ROSWELL, Ga. — Auto lending continues to shine at Georgia's credit unions as the nonprofit financial institutions carried their strong 2013 lending results into the first quarter of 2014.
While overall loan growth at Georgia's credit unions slowed slightly in the first quarter of 2014 to 0.7 percent (2.8 percent annualized), loan growth continued to outpace savings growth at rates of 5.0 percent versus 2.5 percent, respectively over the 12 month period ending March 2014.
Stephen Smith, president and chief executive officer of Fulton Teachers' Credit Union off Holcomb Bridge Road in Roswell, said automobile lending was the star performer of the loan portfolios during the three-month period, with new vehicles leading the charge.
"At Fulton Teachers' Credit Union, our loan volume has increased in 2014," Smith said. "Foot traffic in our branches has also increased."
New vehicle loans showed a quarterly increase of 5.4 percent (21.5 percent annualized), approximately twice the growth rate recorded in 2013. Used auto loans as well as first mortgages also ended the quarter in the positive with quarterly gains of 1.5 percent and 0.5 percent respectively. That growth was offset by declines in both credit card/unsecured loans and second mortgages.