Department of Economics, John Carroll University. Funding by The National Credit Union Administration (NCUA) is gratefully acknowledged. Participants in a seminar at NCUA provided the author with seveal suggestions which were incorporated in the research. Special thanks are due to John Wolken, who spent countless hours in discussion with the author, and Catherine Melfi and George Kosicki who provided research assistance. Any remaining errors or omissions are the sole responsibility of the author.