MI Credit Unions See Fastest Loan Growth in Two Decades
Lansing, MI (April 3, 2015) – Michigan credit unions continue to deliver for members and communities across the state with double digit increases in business loans and auto loans through 2014.
Boasting some of the strongest increases since the recession ended, Michigan credit union loan growth grew 10.5 percent through 2014. This is the fastest growing calendar-year increase since 1994, according to the Credit Union National Association (CUNA).
The other 2014 key loan growth metrics break down as follows:
- Used automobile: 15.5%
- New automobile: 15%
- Member business loans: 14.5%
- Other unsecured Loans: 11.2%
- First mortgage: 7.7%
- Credit Cards: 4.8%
“Credit unions work to empower their members, whether that’s by helping a member realize their dreams of home ownership or by funding that first car loan,” MCUL President/CEO David Adams said. “From funding small businesses to providing financial education as member owned not-for-profit financial cooperatives, credit unions exist to provide their members with high quality, lower cost financial products.
Last year was also a banner year for credit union membership, with 122,182 new members. This member growth calculates to a 3.2 percent annual increase, bringing the total number of Michigan credit union members to 4.75 million.
“More and more people are joining a movement centered on truly partnering with members to help them achieve their financial goals,” MCUL President/CEO David Adams said, “Increasingly, credit unions are equipping their members with knowledge, support, and a sense of empowerment.”
About the Michigan Credit Union League & Affiliates
Organized in 1934, the Michigan Credit Union League is a trade association representing Michigan’s Credit Unions. Based in Lansing, the MCUL works to build awareness of these locally owned, cooperative institutions and their mission to support members, communities and local businesses. For more information, visit www.mcul.org, follow us on Facebook at www.facebook.com/MICreditUnions and connect with us on Twitter at www.twitter.com/MICreditUnions.