Michigan Credit Unions See Fastest Loan Growth in Two Decades
Michigan credit unions enjoyed another successful year 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 CUNA.
The other 2014 key loan growth metrics break down as follows:
- Used automobile: 15.5 percent
- New automobile: 15 percent
- Member business loans: 14.5 percent
- Other unsecured Loans: 11.2 percent
- First mortgage: 7.7 percent
- Credit Cards: 4.8 percent
“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.
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