Priority Report
SAS Gazette
InfoSight Newsletter
CUBE TV and Multimedia
League InfoSight
CUNA News Now
Corporate Credit Union System Resolution
Industry Data & Analysis
MCUL Reports and Surveys
CU Resource Materials
Michigan Credit Union League Home » Information Services » Publications » News Articles  

First Quarter Credit Union Statistics Show Continued Growth   (Monitor: June 7, 2010)

The MCUL released its first-quarter, 2010 credit union statistics Monday morning, showcasing strong growth in deposits and assets as well as continuing strength in asset quality, low delinquencies, and strong capital-to-asset ratios.

Among the statistical highlights:

• Nationwide, credit unions reported money market account growth at 5.7 percent and savings at 6.7 percent for the quarter, while Michigan’s grew more quickly at 6.8 percent and 7.2 percent, respectively.

• Credit union member-business lending was up 3.1 percent in the first quarter, marking the tenth straight quarter of growth in this area. Over the 12 months ending March 2010, credit union commercial loans grew by 16.4 percent, while bank loans declined 66.8 percent statewide.

• The Invest in America program continued to provide a welcome sales boost for automotive partners GM and Chrysler. In the 12 months through March 2010, Michigan credit unions showed strong growth in both new and used car loans, with a growth rate of 5.4 and 10.1 percent respectively – the seventh straight quarter of growth in this category.

• The net worth-to-assets ratio, the most important measure of financial strength, showed Michigan credit unions at 10.8 for the first quarter, comparable to 10.9 at the end of 2009 and higher than the 9.9 average for credit unions nationally and the 8.7 ratio of other financial institutions in Michigan.

• Loan delinquencies at Michigan credit unions were three times lower than those at Michigan’s banks in the first quarter, while net charge-offs were less than half of banks’ statewide level.

The full press release on this new data is available in the MCUL Press Room, and downloadable copies of the statistics used to create the report are available on the CU Statistics, Economic Data and Research page, which include first-quarter, 2010 data from CUNA, the NCUA and the FDIC.

The MCUL is committed to providing its membership with updates on important research and statistics that are relevant to the credit union community. Visit the MCUL’s CU Statistics, Economic Data and Research Web page for data and analysis from the MCUL and other organizations.

MCUL Home About Us Press Room For Consumers Home Contact Us Site Map