LANSING, Mich. (6/6/13)--Michigan consumers strengthened their relationship with credit unions in the first quarter of 2013 as membership continued to grow. Michigan credit unions also continue to finance record levels of loans--all of which helps contribute to the state's economic recovery, according to an analysis of data from the National Credit Union Administration released Wednesday by the Michigan Credit Union League.
"The growth in credit union deposits and lending in the first quarter shows very clearly that families, students, and businesses continue to join credit unions, and to deepen their relationship with credit unions because they understand the value of credit union membership now more than ever," said MCUL CEO David Adams.
"Michigan credit unions provide members access to historically low rates on loans, and lower fees on checking accounts," he added. "This in turn frees up cash for households and allows members to pay down debt, save for the future, and spend more at local businesses."
The data showed these highlights for the first quarter of 2013:
- Michigan credit union membership is at its highest level, and has grown for seven straight quarters. The state now has 4.56 million credit union members, up 15,776 from the previous quarter. Today, 46% of Michigan residents are credit union members--16 points higher than the national rate.
- Checking account balances grew more than 9% in the first quarter. Since the end of 2008, checking balances are up over $2 billion, representing 50% growth in slightly more than four years.
- Michigan credit unions financed more than $1 billion in home loans, up from $882 million from the same period in 2012. Michigan credit unions financed more in fixed-rate mortgages in 2012 than in any previous year.
- Credit union loans to businesses rose 6.9%, compared with 2.6% growth in the same period in 2012 and more than four points higher than the national rate.
- Loans for new- and used-automobiles also ticked upward, reflecting the national trend of strong auto sales.
- The boom in student loans is impacting Michigan credit unions, with total loans having reached $100 million for the first time, with growth of 5.4% in the first quarter.
recently covered the National Credit Union Administration's announcement of first-quarter financial results for credit unions. Use the link.