North Carolina Banks, Savings Institutions, Credit Unions, and AT&T Family Federal Credit Union

GGD-98-55R: Published: Feb 3, 1998. Publicly Released: Feb 10, 1998.

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Thomas J. McCool
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Pursuant to a congressional request, GAO provided information on the AT&T Family Federal Credit Union (ATTFFCU) and other credit unions, saving institutions, and banks, focusing on the: (1) change in the number of depository institutions headquartered in North Carolina; and (2) growth rates for assets, deposits, and income for ATTFFCU and other depository institutions in North Carolina compared to national industry averages.

GAO noted that: (1) the number of institutions of all types, both in North Carolina and nationally, declined between December 31, 1991, and December 31, 1996; (2) the number of North Carolina credit unions fell by 19 percent, savings institutions by 47 percent, and banks by 31 percent; (3) nationally, the number of credit unions fell by 12 percent, savings institutions by 25 percent, and banks by 20 percent; (4) in general, these declines reflect a trend toward consolidation that has affected the financial sector in recent years; (5) all types of depository institutions, with the exception of savings institutions, experienced growth in assets, deposits, and net income over the period from December 31, 1991, to December 31, 1996; (6) assets held by ATTFFCU grew by 94 percent over the period compared with 44 percent growth for credit union nationally; (7) assets in North Carolina banks (excluding NationsBank) grew by 82 percent during this period; (8) however, when the assets of North Carolina banks and savings institutions (excluding NationsBank) are combined, assets grew by 52 percent in North Carolina and 23 percent nationally; (9) deposits in ATTFFCU grew by 90 percent between December 1991 and December 1996; (10) this compared with deposit growth of 39 percent for credit unions nationally; (11) deposits of North Carolina banks (excluding NationsBank) grew by 42 percent over the period; (12) however, when savings institutions are included, deposit growth was 17 percent in North Carolina and 5 percent nationally; (13) net income for ATTFFCU grew by 103 percent during the period, compared with 61 percent for all credit unions nationally; (14) North Carolina banks (excluding NationsBank) saw net income grow by 141 percent; (15) when North Carolina banks (excluding NationsBank) and saving institutions are combined, their net income grew by 109 percent; and (16) nationally, net income of banks and savings institutions grew by 216 percent over the 5-year period.

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