Thank you Bill for that fine introduction and for the outstanding job you do as CEO of the Credit Union Association of New York. Your organizational skills and leadership qualities are well known nationwide. Your selection as Chairman of the American Association of Credit union Leagues is a clear indication of your knowledge of and dedication to credit unions in New York and across this country. I commend you for your efforts.
I am pleased to be with you today at the Sagamore Resort in beautiful Lake George. This is an extraordinary setting in a truly extraordinary state. It is with good reason they call this the Empire State, with New York City at one corner, the Great Lakes at another, the nation’s largest park in the northern portion and wonderful resources, cities, and recreation scattered throughout the entire state. It is always an exciting place to visit.
I note with great satisfaction, that New York credit unions are doing exceptionally well. Collectively, New York credit unions are performing better than the averages for all credit unions across the country.
So far this year, New York credit unions have grown membership nearly two thirds the national average at 4.8%. New York Credit Unions have grown shares at the national average of 18.7%, have grown loans at 3.9% nearly 10 times the national average of .04% and have grown capital at 8.5%, a slightly faster pace than the national average of 8.4%. These are extraordinary results, but these are the kind of results one would expect of a state whose nickname is the Empire State. I urge you to maintain this notable record and this commendable momentum.