2015 Q4 Numbers Show Strength of MI Credit Unions
Lansing, MI (March 14, 2016) More and more Michiganders are becoming member-owners at financial institutions dedicated to improving lives and supporting communities.
According to 2015 Q4 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 loans: 14.6 percent
- New automobile loans: 11.0 percent
- Member business loans: 17.3 percent
- Other unsecured loans: 7.2 percent
- First mortgages: 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,” said MCUL President & CEO Dave Adams. “These impressive loan increases represent reliable transportation for families, first-time home-ownership dreams and new jobs provided through business loans. These numbers demonstrate the real difference credit unions make in people’s lives.”
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:
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
Traverse City 104.5 percent
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