Mid Oregon Credit Union reports strong lending month
The credit union's lending rose at the end of May to almost $105 million, a $5 million increase compared to the same month last year.
The demand for consumer lending, mortgage accelerator loans for homeowners who want to pay off their mortgages more quickly, and small business loans accounted for the positive loan growth. These loans not only benefit the members, but the entire Central Oregon economy.
"Positive lending activity is generally considered an encouraging indicator of the upturn in the economy, said Kyle Frick, Mid Oregon Credit Union marketing vice president. "Mid Oregon Credit Union is playing a vital role in helping restore the local market by providing access to affordable credit," he said.
Strong HARP II demand is helping underwater mortgage owners with positive cash flow and building consumer confidence.
Mid Oregon has recorded almost seven months of net loan growth, even during traditional down cycle months providing a positive trend in consumer demand.
Mid Oregon Credit Union is a full-service, member-owned, financial cooperative headquartered in Central Oregon since 1957, with over 21,300 members in Deschutes, Jefferson and Crook counties.