LANSING, Mich. (9/23/13)--Michigan credit unions reported increases in loans for new and used automobiles at rates that surpassed the national averages, according to 2013 second quarter data released by the National Credit Union Administration (NCUA) and analyzed by the Michigan Credit Union League (MCUL).
Credit union membership increased for the eighth straight quarter--growth that also translated into 1,000 new employees at Michigan credit unions in the past four years.
"Michigan credit unions continue to play a key role in helping Michigan's economy make its comeback, said David Adams, MCUL CEO. "Families, students, and small businesses alike are turning to credit unions in record numbers because of the value they provide and the trust that they have earned. The data show that credit unions are increasingly becoming the lender of choice for more and more Michiganders."
He also noted that as membership and loan volume increases, credit unions "are able to hire more people and further the state's economic recovery in yet another way."
Highlights of the second quarter results include:
Michigan credit unions' market share for indirect new-auto loans in the second quarter was 17.1%, up from 14.8% in the same period in 2012, and up from 11% in 2011.
The credit union share of indirect used-auto loans increased to 39.9%, up from 36.5% in 2012 and 34.9% in 2011.
Michigan credit unions added more than 125,000 new members in the past eight quarters, with more than 16,000 added this year. Total credit union membership today is 4.57 million in Michigan.
For the first half of 2013, total deposits rose 4.2%, growing faster than loans, which were up 3.1%. Total loans as a percentage of assets are at their lowest level since 1994.
Loans to member businesses surged during the first half of 2013, increasing 8.4%--up from 7% during the same period in 2012.
Michigan credit unions added 1,000 new employees in the past four years at a time when some large banks moved their headquarters out of the state.