Like a strong, sheltering and bountiful tree, today’s credit unions have long been a significant presence on America’s dynamic economic landscape. And the Credit Union System is proactively engaged to ensure a future that is even more successful.
A single-year increase in membership of more than 7 percent. Double-digit loan growth of more than 20 percent in just 12 months. A 15 percent spike in assets in just one year — without a merger having taken place.
Numbers like those would be a remarkable achievement for any credit union in the country and at any point in time. In the State of Michigan, circa 2007, however, some may judge performance of this sort to be bordering on the miraculous.
Yet, despite Michigan’s struggling economy, despite one of the highest unemployment, foreclosure and bankruptcy rates in the nation, most Michigan credit unions are performing well. Some, in fact, are turning heads as exceptionally high performers — a testimony to the skills of their management and policymakers, and to the strength of the state and federal credit union charters.
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