Central Valley credit unions reported record-high deposits of $13.3 billion for the first quarter of the year, according to a snapshot from the California Credit Union League.

That number is up 29% from Q1 of 2020, representing a record for the 36 locally headquartered credit unions located in Kern, San Joaquin, Fresno, Kings, Merced, Stanislaus, Tulare and Inyo counties, according to the Central Valley Credit Union Industry Snapshot.

Local deposits may be driven higher as credit union members consider saving more money to combat rising inflation expectations, according to Robert Eyler, independent economist, professor for Sonoma State University, and a long-time board member of Redwood Credit Union (headquartered in Santa Rosa).

“Many local individuals who already received federal government stimulus payments have also been going back to work and are increasing their deposits — a trend likely to continue,” Eyler said. “However, most economists expect current inflation levels to moderate by the end of this year as the economic recovery continues and worldwide supply chains are less affected by the COVID-19 pandemic.”

Central Valley credit unions and their local members meanwhile continue to navigate the transition of of the pandemic economy, which impacts their borrowing and savings habits across the region, according to a new release from the California Credit Union League.

Other trends of the first quarter ending March 31 compared to Q1 2020 of note:

— A total of 1.1 million members, up 3%

— Loans up 3% to $6.9 billion (up 78% since 2012)

— Home equity loans/lines of credit up 7% to $433 million

— New auto loans down 5%

— Used auto loans unchanged

— Credit card lending down 14%

— Business loans up 26%

— Deposits up 29% to $13.3 billion

— About 2,400 individuals employed by credit unions (down 2%)

 

The largest credit union in Fresno, Kings, Madera or Tulare counties is Educational Employees Credit Union, reporting local assets of $3.8 billion and 305,569 members as of Q4 2019.

FAST Credit Union, First California Federal Credit Union, Golden 1 Credit Union and Kings Federal Credit Union round out the top five, according to The Business Journal’s list of Credit Unions from the 2020 Book of Lists.