LANSING, Mich.— Michigan’s credit unions are reporting the emergence of new COVID-19 variants have not slowed their growth.
During the third quarter of 2021 the Michigan league is reporting financial results for the state’s CUs reflect very strong earnings, solid membership gains, fast loan growth and relatively slow savings growth.
According to the MCUL, membership increased 1.2% (4.8% annualized) in the three months ending September, “nearly 14 times faster than U.S. population growth (which was recently reported to be 0.35% by the Census Bureau — a 120-year low.”
Total Michigan credit union membership now stand at 5.77 million, or more than 57% of the state’s population
Regional Growth
According to the league, growth in its various markets included:
- Grand Rapids: 5.3%
- Traverse City: 4.6%
- Flint: 2.4%
- Muskegon: 1.6%
- Lansing: 1.5%
- Marquette: 0.9%
Lending Numbers
Meanwhile, the league reported Michigan credit union loan portfolios increased 8.5% over the past year, “which vastly outpaced the national rate of 5.5% and is well above Michigan’s 2019 and 2020 pace at Q3.”
According to the league analysis, loan growth by type during Q3 included:
- Member business loans: 15.0%
- First mortgages: 13.3%
- Used auto: 9.3%
- New auto: 1.6%
“While COVID-19 and its variants have continued to disrupt daily life, there is hope in NCUA’s Q3 Call Report data. Michigan credit unions are in good financial shape to continue to serve our movement’s 5.77 million members, many of whom are counting on their trusted financial partners while they continue to struggle during the pandemic,” said MCUL CEO Patty Corkery. “I am incredibly proud of everything the Michigan credit union movement does for its members, be it the many community outreach initiatives or simply by helping people through safe and affordable financial services.”
Additional Data Points
The league reported CUNA’s Q3 Member Benefits Report for 2021 shows that Michigan credit unions contributed to a total of $556 million in direct financial benefits to Michigan’s 5.77 million members over the previous 12 months. This total is equal to $98 per member or $205 per household, which is nearly identical to CUNA’s Q2 report.