AKRON, Ohio (AP) — Membership and assets of credit unions inOhio have been growing despite a
continuing decline in their numbers,as more of the alternative banking institutions merge in the state
andacross the country.The number of credit unions in the state hasdropped 12.5 percent over the past five
years to 356, the Akron BeaconJournal (http://bit.ly/1bt1if3) reports.Industry experts say thedecrease
mirrors a nationwide decline as consolidation becomeswidespread in the industry. Nationwide, the number of
active creditunions peaked at 12,977 in 1970, with fewer than 4,300 remaining as oflast year.But those in
the industry say that remaining credit unions are becoming stronger.Membershiprose from 2.6 million to 2.7
million and assets climbed from $19.3billion to $24.4 billion over the same five-year period."In
orderfor credit unions to survive and offer a value, they are merging withother credit unions," said
Rose Bartolomucci, president of TowpathCredit Union in the Akron suburb of Fairlawn. Towpath merged
withTeleCommunity Credit Union in 2011. "They aren’t necessarily goingaway."Bartolomucci predicts
the trend will continue partly due toincreased state and federal regulatory pressure, and there could be
asfew as 150 credit unions in the state in another five years.Somesmaller credit unions and those relying on
specific businesses formembers have closed or merged with others if they haven’t kept up withtechnology and
stayed on top or regulations, said Michael Wettrich,deputy superintendent for the state Department of
Commerce Division ofFinancial Institutions. Wettrich, who oversees credit unions for thedepartment, said
that failure to attract new members also has led to thedecline in numbers of individual credit unions.But
Wettrich estimates that 90 percent of the credit unions that are disappearing are joining with
others.Nationwide, the number of active credit unions peaked at 12,977 in 1970, with fewer than 4,300
remaining as of last year."In99 percent of the cases where a merger occurs, it’s usually to thebenefit
of the member, especially those seeking more technology in theireveryday banking needs," said Patrick
Harris, a spokesman with the OhioCredit Union League, a trade group in Columbus.He and others saythat the
industry consolidation has provide more credit union memberswith access to ATMs, online banking, business
loans and even phone apps.JessicaEllis of Fairlawn prefers to use a credit union because she says theyare
smaller and easier to work with than many larger banks."Some of the banks, because they’re so big, they
don’t really think of the little people, I guess," she said.___Information from: Akron Beacon Journal,
http://www.ohio.comCopyright 2013 The Associated
Press.