LANSING, Mich.–Michigan’s credit unions are reporting they closed out 2019 with strong growth.
Fourth quarter NCUA data show Michigan credit unions reported a 0.8% increase in the last quarter the year, while the full-year increase was 2.7%, which is roughly 90 times faster than Michigan population growth, according to the Michigan league.
Credit union membership currently stands at 5.54 million – equal to roughly 55% of the Michigan population, the league said. Over the last 12 months, the state’s credit unions have gained approximately 148,000 members, “meaning more than 400 Michigan consumers are joining a credit union every day,” the MCUL said.
According to the data, membership growth by region shows:
- Marquette: 19.8%
- Grand Rapids: 5.5%
- Traverse City: 3.6%
- Detroit: 2.6%
- Alpena: 1.5%
- Lansing: 1.3%
In addition, the league reported Michigan loan portfolios grew by 1.7% in the quarter — a 6.8% annualized pace — which comes in slightly higher than the growth rate at the same time in 2018.
Loan growth by loan type included:
- Small business loans: 17.9%
- First mortgages: 10.4%
- Home equity/2nd mortgages: 8.5%
- New auto: 2.1%
- Used auto: 4.9%
Strong Health
“Michigan credit unions finished the year strong, continuing to push membership growth faster than the state’s population growth,” said MCUL President/CEO Dave Adams. “This data isn’t just impressive business statistics, but important for the financial health of Michigan consumers. Due to the current COVID-19 pandemic, this increased number of members means more residents have easy access to the many hardship relief options that Michigan credit unions are offering to provide for those in need.”