Missouri credit unions reach a milestone in growth

Credit unions are becoming more popular in Missouriâ??s larger cities.

The Missouri Division of credit unions recently made an announcement regarding the 118 state-chartered credit unions it regulates. As of June, state charted credit unions had $11.2 billion in assets, $9.7 billion in deposits and the loan volume reached $6.5 billion.

Although Adair County has not experienced much need for these not-for-profit, member owned organizations, many of Missouriâ??s larger cities are likely seeing the benefits of the credit unions.

â??They each have their place. I think they can be beneficial depending on what your age is, what your needs are from a bank or a credit union. Different people would find it advantageous to go to a credit union, others would need to go to a bank to get the services they're looking for,â?? said financial expert David Bethel.

Consumers with questions can contact the division of credit unions at (573)-751-3419.