MI Credit Unions Off to Strong Start in 2016
Lansing, MI (June 15, 2016) Michigan’s not-for-profit cooperative financial institutions are closing in on the 5 million member milestone. According to 2016 Q1 NCUA statistics, Michigan credit unions ended the quarter with 4.9 million members. That’s an increase of nearly 500,000 since 2010.
In addition, Michigan credit unions reported strong lending gains in a variety of categories including making home ownership dreams come true through an 8.4 percent increase in first mortgages as compared to the same time last year. The first mortgage percentage increase is close to 3 times the 2.7 percent year-over-year increase reported in 2010.
Here’s a look at 2016 Q1 first mortgage growth from credit unions headquartered in the cities below.
Other 2016 Q1 key statewide growth metrics include:
- Total assets: 6.9 percent
- Total loans: 10.8 percent
- Used automobile loans: 14.4 percent
- New automobile loans: 12.0 percent
- Member business loans: 18.1 percent
- Other unsecured loans: 8.5 percent
- First mortgages: 8.4 percent
- Credit cards: 5.2 percent
Here’s a look at average regional 2016 Q1 business loan growth from credit unions headquartered in each city as compared to same time last year:
- Statewide: 18.1 percent
- Detroit: 78.2 percent
- Grand Rapids: 38.2 percent
- Flint: 15.1 percent
- Traverse City: 27.6 percent
- Alpena: 9.9 percent