LANSING, Mich.–Michigan’s credit unions are closing in on the five-million total members mark. According to the Michigan league, when the state’s CUs hit the milestone it will mean approximately half of the state’s population are now members.
The membership numbers are among robust performance overall for the state’s credit unions.
According to the Michigan League, over the 12 months ended June 30, credit union membership hit 4.9 million, a 3.1% growth rate. Other performance data released by the MCUL include:
- Total loans: 11.1%
- Credit cards: 5.7%
- Member business loans: 16.9%
- Other unsecured loans: 8.8%
- New car: 14.0%
- Used car: 14.8%
- First mortgage: 7.7%
“Whether it’s their low rates and fees or steadfast commitment to their communities, people know credit unions put members’ best interests—and not profits—above all else,” said MCUL CEO Dave Adams.
The league reported that business lending has been especially strong. According to the MCUL, the leading regional markets for 2016 Q2 business loan included:
- Alpena: 41.7%
- Detroit: 72.8%
- Grand Rapids: 15.4%
- Marquette: 23.9%
- Traverse City: 23.5%