Shrinking against the tide
Similar lenders here are credit unions making between half and twice as many loans. St. Anne's made 353 loans, down from 403, while the typical peer grew 7% and the whole market 10%. Its loans have fallen every year since 2021, when it made 770. The rate on its typical loan rose from 3.00% in 2020 to 7.24%, which may have cut demand for the refinance and home-improvement loans that make up much of its book. In Providence-Warwick, its main market, its share slipped from 0.5% to 0.4%, which could follow from its own smaller lending; it still ranks 60 of 475 lenders.