Credit Unions Under State Charters, 1953
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Credit Unions Under State Charters, 1953* TATE-chartered credit unions, year that ended December 31, 1952.l The unreported items in the incom- like those under the Federal plete questionnaires usually reflect S Credit Union Act, are cooperative Reporting Method differences in the reporting require- associations organized to provide Questionnaires that call for com- ments established by the State su- thrift and consumer-loan services for posite State credit union data are pervising agencies. As in previous their members. The passage of the ArSt mailed to all State supervisors early years, estimates were made for un- State credit union law, however, pre- in the year, and the composite report reported items in the reports for 1952 ceded the adoption of the Federal law for the United States is compiled as and 1953 because of the interest of many persons in the national totals by 25 years. Massachusetts in 1909 soon as all obtainable State reports for State-chartered credit unions. Al- passed the earliest legislation of this are received. The last questionnaire included in the report for 1953 was though the influence of any errors in these estimates is probably negligible Table l.-Development of State- received in September 1954. Data for the States of Arizona, Indiana, Ken- in the aggregates, the variations be- chartered credit unions, 192543 tween the actual and estimated data - T- - tucky, and New Hampshire are as of for an individual item could be sub- Number of June 30, 1953, and those for Missouri credit unions are as of September 30. The data for stantial. For this reason the indkid- Year Qumber 0f ual estimates are not shown in table Num- memben Assets all other States are as of December ber 3; they are reflected, however, in the Total 31. The variations in the cut-off dates I aport- totals for State-chartered credit un- ing are the result of differences in credit _- _- union Ascal years or in reporting ions in tables 1, 3, and 4. 1925-m. 419 176 ;;I g; , dates among the States. 19Lw- 974 838 Operations in 1953 1931--. 1,500 1,244 286: 143 $33,645,343 1932. ._ 1,612 1,472 301,119 31.416,072 The growth of the State-chartered 193X-. 2,016 1,772 359,646 35,496,668 1 See the Bulletin. November 1963, pages credit unions - uninterrupted since 1934-m. 2,450 2,028 427,097 g! gl ;g 11-13. Reports for earlier years were made 1935-b. 2,600 2,589 597,608 , 1925 except in the depression and war 1936-m. 3,490 2,734 854,475 73: 659: 146 by the Bureau of Labor Statistics and 1937-m. 3,792 3,128 1,055,736 97,087,995 published in the Monthly Labor Review: years-continued in 1953 (table 1). 1938-e. 492% 3,977 1,236,826 117,672,392 the last report made on the subject by There were more of these associa- 1939--. 4,782 4,677 1,459,377 145,803,444 that Bureau summarized operations in tions, and they had more members. 1940.-. 5,267 5,175 1,700,396 180,649,090 1951 and appeared in the Review for Feb- 1941-m. 5,663 5,506 1,907,694 216,557,977 Assets, earnings, paid-in share cap- 1942-m. 5,622 5,400 1,797,084 221,114,849 ruary 1953, pages 155-168. x%3--. 5,285 5,124 1,721,240 g2-J 32 g 1Q44--. 4,993 4,907 I, 629,706 1945-w. 4,923 4,858 1,626,364 281: 524: 015 Table 2.-Total amount of loans and of real estate loans made by State- 1946-v 5,003 1,717,616 322,082,553 chartered credit unions, 25 States, 1953 1 1947-e. 5,155 %t 1,893,944 380,751,106 1948-w 6,273 6: 271 2,120,708 443,049,653 ’ Loans o~tfs~i~;g at end Loans r$$ddurfng 1949-s. 6,427 5,402 2,271,115 510,726,465 1950-m. 6,602 6,585 2,482,539 599,165,879 -- 1951--. 6,881 2,732,495 693,613,296 St&t8 1952--. 6,362 i%i 853,709,783 Securedby y& Total Total 1953--. - 7,006 - 6:Qgg L IL, 040,874, ,593 real estate 1 Detanot available. Total- ____ ___________ ___________--_______------ $507,152,926 52%650,463 type, and by 1934, when the Federal Arizonea.-.---.------.---------------------------- 448,520 17,517 616,901 California __________ ________________________________ 63,724,441 11,432,362 69,178,675 Credit Union Act was passed, a total Colorsdo---.-----..----------------------------~-- 13,043,034 2,0343,121 16,380,73.3 Florida- _ _ ________________________________________ - 12,479,334 1,636,683 22,906,773 of 38 States had adopted laws govern- Iows..-----.------.-------------------------------- 15 8939 ;z 2,221,868 ing the granting of charters and the KanSaS _ _ _ _ _______ __ __ __ __ _-- - _ __ __ _ _ _- ___ _ _ - - - - - - - 457,791 ?xxz: Maine _ ____________________------------------------ 1: 652: 932 18,902 2: 495: 087 supervision of credit unions. Today Massachusetts-----.------------------------------- fig, ;$ L; 29,2Q2,105 there are local credit union laws in Michigsn.-..-------.------------------------------ , , IS, 311,715 63, b7,170 all States except Delaware, Nevada, Minnesots..-------..------------------------------ 36,;;T ;g 14783 ‘$i 39,436,844 4681,721 Mississippi--- _____________________________________ 911,858 28,682 South Dakota, and Wyoming. The Missouri. _________ _____________________ _______----- 33,825: 131 5,147: 881 c:, Montana--.--.-..-.-.----------------------------- 401,382 125,394 8 District of Columbia and Puerto Rico New Hampshire 1---__-_------_-------------------- 3 f$ ;;; 1,679,737 $1 North Dskots----.---.---.------------------------ 399,702 2 !2 674 also have their own credit union laws. 46: 104 141 5,2Q2,393 70: 819: 312 Ohio ________________________________________------- I:] Responsibility for collecting and Oklahoma--. ______________________________________ 6,205,553 ;g, g oregon----...------------------------------------- 6,193,536 $2 540 157,612 reporting on the operations of the Rhode Island- _ ____________________________________ 24,294,367 13,781: 601 15,133: 413 3,163,466 State-chartered credit unions was TeX~--------...-----------------------------------, “4 ;;$ -g 1,121,042 32 gl EJ 751,366 transferred to the Bureau of Federal Utah----.------.---------------------------------- 1,145,221 650,756 Vermont- _______________________________________--- ’ 704: 642 52,019 ‘(9 ’ Credit Unions effective April 1953. Washingtqn,-----.-..---------.-------------------- 12,858,837 (27,680 West Virgmxs- __ __________________________________ 1,059,344 22 iit 16, 7 258 The Bureau’s first report was for the Wisconsin- _. ________ _ _____________________________ 57,911,202 24,567: 567 53,052,477 Q,(J4,633 *Prepared In the Bureau of Federal 1 States reporting on real estate loans. Data are 2 Fiscal year ended June 30. Credit Unions. for calendar year unless otherwise noted. 1 Data not available. Bulletin, November 1954 15 ital, loans, and reserves were all up and amounted to $48.9 million on De- to the number of State-chartered from the totals of the preceding year. cember 31, 1953. credit unions and assets held by them Credit unions chartered under State The total assets of all State-chart- showed the same six States in the law numbered 6,362 in 1952 and ‘7,096 ered credit unions passed the billion lead at the end of 1953 as in other in 1953. The net increase of 12 per- dollar mark during 1953 and at the recent years. Illinois was first both in cent was substantially greater than end of the year amounted to $1,040.@ number (1,125) and in total assets that of the preceding Year (8 per- million-$187.2 million or 22 percent ($159.7 million). Wisconsin was sec- cent). At the end of the year mem- more than a year earlier. The report- ond in number of operating units, bership in these associations totaled ing credit unions had average assets with 623, followed by Massachusetts 3.4 million-345,000 more than at the of $148,900 on December 31, 1953; at with 463, California with 365, Ohio end of 1952. The increase for this one the end of 1952 the average had been with 356, and Michigan with 253. year was only slightly less than the $134,900. The Massachusetts associations had total membership of all credit unions An increase of $10.2 million or 40 the second highest amount in total in the United States 20 years earlier. percent in the associations’ net earn- assets - $110.9 million. Wisconsin Loans outstanding to members, ings for the year brought the total to ranked third with $85.8 million and which had totaled $570.0 million at $36.2 million. The amount of dividends was followed by Michigan with $78.0 the end of 1952, increased 29 percent paid to shareholders was 33.2 percent million, California with $74.7 million, to $733.5 million. The growth of greater than in 1@52-$24.7 million and Ohio with $63.0 million. $159.3 million in paid-in share capital compared with $18.5 million. Forty-four percent of all credit un- brought the total from $711.1 million ions operating under State charter to $870.4 million. Reserves increased State Ranking were located in these six States. They nearly $10 million during the year A ranking of the States according had 51 percent of the total member- Table &-Operations of State-chartered credit unions, by State, 1952 and 1953 - - Number of 1 credit unions NUIllbH LWXlS y!igl Total Dividend? Reserves Net State and year - Of outstanding assets earnings on shnres members end of year capital Number \iumber active ~eportin .____ ---- - Total, 1952. -_ _.__._____ ’ 6,362 ‘6,324 ’ 3,035,046 ’ $569,982,497 ’ $711,147,388 1 $38,879,577 ’ $853,709,783 I ’ $25,931,905 ’ $18,547, 203 ’ 3,380,121 ’ 733,529,119 ’ 870,436,258 ’ 48,874,892 1.040,874,593 ’ 36,199,982 ’ 24.716,669 Total, 1953.