LANSING, Mich.–Michigan’s credit unions are reporting membership gains during the second quarter of this year.
Following Q1’s 0.7% increase, Michigan credit union memberships rose 3.1% during Q2, according to data compiled by the Michigan Credit Union League. The league said the second quarter growth brings total memberships in the state to 5.73 million, or more than 57% of the state’s population.
Broken out by region, membership growth for the trailing 12 months shows:
- Traverse City: 5.9%
- Grand Rapids: 5.6%
- Flint: 2.0%
- Lansing: 1.9%
- Muskegon: 1.5%
The Michigan league did not break out the growth by asset size. Larger credit unions nationally have driven membership growth, with smaller credit unions in the U.S. in general actually posting negative numbers, as CUToday.info has reported.
Lending Trends
In addition, the MCUL reported Michigan credit union loan portfolios more than tripled in loan growth from the previous quarter, hitting 3.5%, which it noted is well above the national average of 2.5%.
According to the league, the state outpaced the national credit union movement in all the following loan categories:
Q2 Loan Growth
- Member business loans: 4.6%
- First mortgages: 4.2%
- Used auto: 3.5%
- Credit cards: 2.4%
- New auto: 1.9%
“During the second quarter of 2021, many Michigan residents were ready to return to routine purchases and leisure activities, particularly going into the first summer following a lockdown,” said MCUL CEO Patty Corkery. “We know now that the COVID-19 virus did not go away, and there is no return to pre-pandemic normalcy. The virus will be with us for a very long time, but fortunately, employment U.S. and vaccine rates will continue to rise — currently, 75% of U.S. adults have had at least one dose of the vaccine. What is compelling about NCUA’s Q2 Call Report data is Michigan credit unions’ significant membership gains, which tell us that, following a tough year, people continue to have trust and confidence in credit unions.”
The league cited CUNA’s Member Benefits Report for 2021 as stating Michigan credit unions contributed to a total of $558 million in direct financial benefits to Michigan’s 5.73 million members over the previous twelve months. The Q2 total is equal to $99 per member or $208 per household, the league said.