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Michigan Credit Union League

Michigan CUs Post Strong 2015 Q4 Results

Michigan credit unions are flexing their collective muscle through the 2015 fourth quarter results that report large member and loan increases across the board.

According to Q4 2015 NCUA statistics, Michigan credit unions added 125,000 new members in 2015, landing the total number of Michigan credit union members at 4.87 million. This means close to half of Michigan residents bank with a credit union

Besides an increase in members, total loans registered double digit increases coming in at $32 billion, up 10.7 percent from the same time last year.

Other key growth metrics include:

  • Total assets: 7.0 percent
  • Used automobile: 14.6 percent
  • New automobile: 11.0 percent
  • Member business loans: 17.3 percent
  • Other unsecured loans: 7.2 percent
  • First mortgage: 8.9 percent
  • Credit cards: 5.1 percent

“At close to 5 million members strong, Michiganders understand the value of joining cooperative, not-for-profit financial institutions committed to supporting their communities. These impressive loan increases represent reliable transportation for families, first time home ownership dreams, and new jobs provided through business loans,” MCUL CEO Dave Adams said. “These numbers demonstrate the real difference credit unions make in people’s lives.”

Regionally, credit unions also boasted large business loan increased as evidenced in the numbers below:

  • Detroit: 103.9 percent
  • Flint: 15.4 percent
  • Grand Rapids: 49.3 percent
  • Traverse City: 159.1 percent

Here’s a look at average regional 2015 Q4 business loan growth from credit unions headquartered in each city as compared to same time last year.

  • Detroit: 103.9 percent
  • Flint: 15.4 percent
  • Grand Rapids: 49.3 percent
  • Traverse City: 159.1 percent

Other key regional loan growth metrics as compared to same time last year include:

First mortgages:

  • Detroit: 38 percent
  • Flint: 15.2 percent
  • Grand Rapids 24.7 percent

New car loans:

  • Detroit: 35.8 percent
  • Grand Rapids: 10.3 percent
  • Traverse City: 77.2 percent

Used car loans:

  • Detroit: 10.2 percent
  • Grand Rapids 23.7 percent
  • Flint: 11.1 percent
  • Traverse City 104.5 percent

 

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2016-03-21 00:00:00