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Mich. CUs report record growth in members deposits
LANSING, Mich. (12/10/09)--Michigan’s 335 credit unions continue to show growth in loans, deposits and membership by adding a record 59,000 members in 2009--the most in five years, the Michigan Credit Union League (MCUL) said. In the third quarter, 11 new branches were opened, bringing the total of Michigan credit union branches to 1,043 with 59 shared branches. New-auto loans at Michigan credit unions grew 5.8% over the past 12 months preceding September 2009. Michigan credit unions now hold $2.33 billion in new-auto loans. Credit unions' “Invest in America” program, which has facilitated 215,000 vehicle sales, helped drive the growth in new-auto loans with discounts through General Motors and Chrysler, the league said. Used-vehicle loans grew 5.1% over the same period, equating to $3.9 billion. Deposits showed growth with an 11.8% annualized rate, leading to an 11.7% increase in credit union assets to $37.4 billion. “As other financial institutions have made it more difficult for consumers to get loans or added new fees on checking and savings accounts, credit unions have continued to offer consumer-friendly alternatives,” said MCUL President/CEO David Adams.
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