Credit Union Growth Makes Big News
Third quarter credit union performance data has made big waves in the state’s largest media market, with recent stories appearing in prominent business publications and over the airwaves.
MCUL & Affiliates released an analysis of the data to media outlets across the state which showed not only major increases in membership and lending for the state’s credit unions, but also a significant shift in market share away from banks.
“Michigan consumers are turning to credit unions in record numbers to take advantage of the better rates, lower fees, and superior financial products and services we offer,” MCUL & Affiliates CEO David Adams said in a news release. “Consumers want to do business with a financial institution they can trust, and because credit unions put people over profit, they have earned the trust of Michiganders.”
The story was featured in Crain’s Detroit Business, a leading business publication. The story cites the shift in deposits as supported by data from the FDIC.
“For the 12-month period that ended Sept. 30, Michigan credit unions increased deposits by about 5.6 percent, or by more than $2 billion. State credit unions now have 18.6 percent of the state's total deposit market share, compared with 16.2 percent in 2009,” Crain’s said.
The piece goes on to note that an analysis of records from the Secretary of State via Experian AutoCount shows that credit unions are also gaining market share when it comes to used and new auto loans. Click here to read the full story.
Adams was also interviewed for a series of stories which aired on Detroit public radio station WDET-101.9 FM. Adams spoke of the membership surge, and in particular how credit unions are appealing to first time members.
“We are on pace to have the highest growth in membership in eight years. Young people are joining credit unions in record numbers….With credit unions’ better rates and lower fees, young people are taking advantage of that just like any other demographic.”
Click here to read the story.