Annual Report of the Commissioner of Banks for the Year Ending December 30, 1939, Vol. 4

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Excerpt from Annual Report of the Commissioner of Banks for the Year Ending December 30, 1939, Vol. 4: Relating to Credit UnionsFrom 1910, when Credit Unions first began to operate in this State, assets increased steadily until 1929, when total resources amounted to about 000. In the early years of the business depression, assets showed a steady decline and reached a low point of about in 1933. From the latter point, the growth has been rapid until today the assets are nearly double the amount shown Six years ago.Among the Credit Unions that commenced business during the year, those of the occupational type predominated. Experience has shown that this type of credit union, organized principally by employees of industrial con cerns, has been uniformly successful and has resulted in marked benefits to the employer and to the employee. The proximity of the depositary (particularly under the pay roll deduction plan) has encouraged thrift Savings.Credit Unions were designed to operate In the field of small loans for which they are particularly well adapted. They have Shown to the best advantage and have suffered relatively small losses when they have confined their activities to Such investments. Personal loans have increased about during the year and the total of such loans is now in excess of These loans are made generally for a period of one year on a weekly repayment basis.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.