LIVONIA, Mich.–Credit unions in Michigan grew memberships by 1.0%, outpacing the 0.7% increase in the fourth quarter of 2018. Overall, memberships in Michigan credit unions increased by 2.6% in the year ending March 2019, and now report a total of 5.42 million memberships, according to the Michigan Credit Union League.
The league reported annualized membership growth by region included:
- Detroit: 1.8%
- Grand Rapids: 6.5%
- Lansing: 1.5%
- Muskegon: 1.3%
- Traverse City: 5.1%
“In its Q1 Member Benefits Report, CUNA estimates the 5.42 million Michiganders who belong to credit unions received a total of $419 million in direct financial benefits during the 12 months ending March 2019,” the MCUL said. “This amount equates to $79 per member or $166 per member household.”
In addition, the league saidMichigan credit union loan portfolios grew by 1.2% in the first quarter of 2019, bringing the 12-month loan growth to 9.1%. This quarterly growth rate surpassed the national rate of 0.6%. Alongside automobile, mortgage and share drafts, commercial loans also outperformed the national rate — 5.2% in Q1 — showcasing credit unions as a driving force for Michigan’s economy.
Annualized loan growth (by loan type):
- New automobile loans: 8.5%
- Used automobile loans: 7.3%
- First mortgages: 7.9%
- Credit cards: 7.7%
- Other unsecured loans: 8.5%
- Commercial loans: 11.7%
“Rises in credit union memberships and loan portfolios speaks well for our state’s economy. When credit unions report membership growth, that means more Michigan consumers are gaining access to healthy financial products and services, including low deposit and loan rates and small business services integral to the state’s communities,” said MCUL President/CEO Dave Adams. “Memberships continue to rise and account for well above half of the state’s population. Through the rest of 2019, MCUL is working diligently to raise awareness, while our member credit unions are expanding and evolving products and services to continue to provide this access to the underserved consumers that need smart alternatives to predatory lenders and big banks.”