Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
First quarter saw strong growth for Michigan CUs
LANSING, Mich. (6/2/09)--First quarter 2009 data show Michigan credit unions continued growth and increased lending in a challenging economy, says the Michigan Credit Union League. New-auto loans increased to $2.03 billion from $1.89 billion at an annualized growth rate of 30% for the quarter, said the league (Michigan Monitor June 1). Used-auto loans grew at an annualized rate of 10.8% to $3.53 billion. First mortgage loans experienced 2.8% in annualized growth rate--to $9.73 billion outstanding. "Credit union participation in the 'Invest in America' program continues to show promise as new- and used-auto loan volumes grow at a very strong rate," said Michigan league President/CEO David Adams. "The annualized growth rate of 40% in the fourth quarter of 2008 and the 30% in the first quarter of 2009 are particularly noteworthy, given the shrinking volume of car sales and auto loans affecting the industry as a whole," he added. The trend bucks the national trend. "New-auto loan volumes have been going down nationally in each of the past five quarters," Adams said. "But in Michigan, we're seeing very robust growth." Other data for first quarter:
* Total small business loans grew 16% to $713 million. Small business loans increased by 22% between March 31, 2008, and March 31, 2009. * Credit unions saw unprecedented growth in shares and deposits, which rose at an annualized rate of 26% to $30.9 billion. Total assets grew 23% to $36.4 billion. * Membership growth was a 0.64%, the strongest membership growth in the past five quarters. Total credit union net income was $13.1 million vs. $16 million during fourth quarter of 2008. The aggregate provision for loan losses continued at $72 million, down from the $99 million booked during fourth quarter 2008. * Aggregate net worth/assets ratio is 10.88%, well above the national average. Michigan credit unions held $9.1 billion in investments as of March 31, which is an increase from $8.2 billion at the end of 2008.


RSS print
News Now LiveWire
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
59 minutes ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 hours ago
.@TheNCUA says its employees report high job satisfaction in the 2014 Federal Employee Viewpoint Survey. http://t.co/1nLUwrEqnA
2 hours ago
.@MeridianTrustCU has opened the first mobile banking branch in the state of Wyoming
3 hours ago