Business up at local credit union
4:33 p.m. Thursday, October 2, 2008
"They're just sound because they're local," says Eric Harkness.
He has been a fan of credit unions for at least thirty years and a customer at Kansas Super Chief Credit Union since 1996. Eric believes his money is safer right where it is.
"Yeah, I feel my money is safe here and that I can get it when I want it," says Eric.
And while financial institutions are crumbling across the nation, President Glen Scott says business has picked at the Kansas Super Chief Credit Union.
"Some of the issues of the day, of course, are the mortgage-backed securities market place and we don't engage in that market place," says Scott.
In September of last year, the credit union had a total of 424 loans for more than $5,064,000. In September of 2008, that number came up to 545 loans and more than $5,900,000.
Glen says much of that loan growth is for car loans. And when it comes to home loans, their foreclosure rate is much lower than average.
Glen says, "That the delinquency in real estate market is running somewhere around six and a half percent, we have less than one half of a percent."
Eric has a lot of faith in his credit union but doesn't hold out much hope for the rest of the economy.
"We've got to take care of this mess. It ain't pretty, somebody's going to get hurt," says Eric.
In Kansas, about 5 percent of people bank at credit unions. Glen believes that number will keep growing.
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