Denver -- With constant references to the "credit crunch" Americans may have found their own way out: credit unions.

Several local groups report upticks in deposits and loans granted.

"I think that credit unions are in pretty good shape on that. And they're still able to provide some credit whereas, maybe some of the banks cannot," said Timothy Kratz, member of Credit Union of Colorado.

That's the former Colorado State Employees Credit Union and business lately is strong.

"I know a lot of businesses are experiencing layoffs at this point in time. With the credit union we've actually built one new branch this year, expanded our membership and continued to grow. We're a safe and secure environment, and I think our employees are very pleased and excited to be here," Connie McCann, Vice President of Lending at Credit Union of Colorado, said.

The Depression-era savings vehicle also offers higher savings rates than most banks.

For example, a quick internet check Tuesday, Dec. 9 showed: US Bank offering .10 % Wells Fargo offering .10 % 1st Bank offering .60 % ENT Federal Credit Union .80 % Bellco Credit Union .85 % Credit Union of Colorado 1.0 %

At Family Trucks and Vans on South Broadway, used car sales are off this year.

But the General Manager said he's seeing more competition between banks and credit unions for business.

"They're (banks) calling us saying, 'Hey, you know we looked at this deal three weeks ago. Is it still alive? Maybe we have a way to go,’" said Jim Knabe, GM. "Credit unions have really stepped up. They're really digging, looking for new people. So, to me, everything's going in the right direction."

Deposits into IRA's are up 9 percent at Credit Union of Colorado as some customers search for a safe haven, and 3.67 percent, instead of the volatility of the stock market.

"I think it is. Because we are making sure that they look at all alternatives," McCann said.

Industry insiders said mergers like the one that saw ENT of Colorado Springs join US Alliance at 15th and Wynkoop in June will increase as more and more customers realize how credit unions can compete.

The deposits are federally insured up to $250,000 by the National Credit Union Administration, similar to the way the FDIC insures bank deposits.