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Michigan Credit Union League Home » Information Services » Publications » Contact » 4th Quarter » Economic Update  

Early Look at Q3 Data Shows
Continued Credit Union Loan Growth

The MCUL will soon be releasing Michigan-specific, third-quarter credit union data along with analysis that puts the new information into economic perspective. This data and analysis will be e-mailed to credit unions and posted on the MCUL’s CU Statistics, Economic Data and Research page at www.mcul.org.

Initial looks at third-quarter Michigan credit union data from the NCUA reveal that auto loan growth continues to be impressive, due in large part to the “Invest in America” credit union member discounts. New automobile loans grew 36 percent (annualized) in the third quarter. Michigan is still outperforming the national average by a wide margin, which fell in the third quarter by 4.2 percent (annualized).



By The Numbers  Third Quarter Growth for MI Credit Unions

5.8
New automobile
loans

3.4
Member business
loans

0.9 First Mortgages

2.1
Total loan growth

The data also show that first mortgage loans are still growing in Michigan; the third-quarter growth rate in this area was 2.5 percent (annualized). Member business loans, an extremely important part of assisting Michigan’s economic rebound, grew 17 percent (annualized) in the third quarter.

Nationally in the third quarter, credit union net worth remained above 10 percent, the return on average assets was modest at 0.28 percent, and membership and lending grew despite overall stress in the economy.

Some notable statistics from the national data (from September 2008 to September 2009):

  • Assets increased 7.7 percent to $874.0 billion from $811.2 billion;
  • Loans grew 1.7 percent to $575.5 billion from $566.0 billion;
  • Shares increased 8.4 percent to $738.4 billion from $681.1 billion;
  • Investments increased 24.7 percent to $206.6 billion from $165.7 billion;
  • Net worth grew 2.0 percent to $87.9 billion from $86.2 billion; and
  • Membership increased 1.9 percent to 90.3 million from 88.6 million members.

Keep an eye out in late December for Michigan-specific economic data from the MCUL and CUNA that will be helpful in generating more positive publicity for credit unions. Questions on the format of the data or any other issues can be directed to MCUL Information Services Coordinator Bryan Dahl at Bryan.Dahl@mcul.org.

Statement of Ownership, Management and Circulation

1. Date of filing: Oct. 10, 2009
2. Title of Publication: Contact Magazine
3. Frequency of Issue: Quarterly
4. Location of know office of publication
(street, city, county,state, ZIP code):
101 S. Washington Sq., Ste 900, Lansing, MI 48933
5. Location of the headquarters of general business
officers of the publishers (not printers): Same as above.
6. Names and addresses of publisher, editor, and managing
editor:  Publisher, Michigan Credit Union Leauge, 101 S.
Washington Sq., Ste 900, Lansing, MI 48933; editor, Bryan Dahl; managing editor, Glenn Ray (addresses same as above)
7. Owner: Michigan Credit Union League, 101 S. Washington
Sq., Ste 900, Lansing, MI 48933
8. Known bondholders, mortgagess, and other security
holders owning or holding 1 percent or more of total
amounts of bonds, mortgages or other securities: None.
11. Extent and nature of circulation:
  Average # Copies
Each Issue Mailed
Second Class Mailing
Preceding 12 Months
Single Issue
Nearest to
Filing Date
A) Total Number of Copies (net press run)  5,800 5,800

B) Paid Circulation

1. Paid/Requested Outside County Subscriptions
2. Paid In-County Subscriptions
3. Sales through dealers and carriers, street vendors and counter sales

 

5,056

455

0


5,.056

455

0
C) Total Paid and/or Requested Circulation  5,511 5,511
D) Free Distribution (including samples) by mail, carrier or other means
0

 0
E) Free Distribution Outside the Mail  100  100
F) Total Free Distribution  100 100
G) Total Distribution  5,463 5,463
H) Copies Not Distributed  189 189
  I) Total 5,800 5,800
I ceritfy that the statements made by me above are correct and complete.
/ s/ Bryan m. Dahl
Information Services Coordinator
 
   
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