LANSING, Mich.–Despite a challenging second quarter economically, Michigan’s credit unions reported growth in membership across all the state’s regions, according to the Michigan CU League.
Data for Q2 released by the league strong earnings, solid membership gains, fast loan growth and above average savings growth during the quarter. Michigan credit union membership growth for Q2 was almost identical to the Q1 rate. With a 0.5% rise (2.5% annualized), the state’s credit unions now have 5.87 million members, the league reported.
Membership growth by region (for trailing 12 months) show growth rates of:
- Grand Rapids: 5.8%
- Traverse City: 2.6%
- Detroit: 2.2%
- Flint: 1.8%
- Lansing: 1.5%
- Marquette: 1.1%
Meanwhile, the league reported credit union loan portfolios’ grew 6.3% in Q2 over the first quarter, nearly equal to the 6.6% national rate.
According to the league, Q2 loan growth (by type, for trailing 12 months) was:
- Member business loans: 26.9%
- New auto: 17.9%
- Used auto: 17%
- Credit cards: 10.7%
- HEL & 2nd Mtg: 9.2%
‘Focus on Members’
“The historic inflation rate we’re currently seeing around the nation has now mostly replaced the COVID-19 pandemic as consumers’ biggest economic difficulty,” said Michigan Credit Union League CEO Patty Corkery. “The 9.1% price increase from this time last year has obviously influenced Michiganders’ spending and saving habits, but it hasn’t changed Michigan credit unions’ focus on members. Through global health crises, national disasters and historic economic changes, our movement has shown that they stand ready to help our 5.87 million members succeed.”
Citing data from CUNA’s Q2 Member Benefits Report for 2022, the MCUL said Michigan credit unions contributed to a total of $499.9 million in direct financial benefits to Michigan’s 5.87 million members over the previous twelve months.
These benefits translate to $85 per member or $179 per household, and are nearly $75 million higher than Q1 2022, the league said.
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