ST. PAUL, Minn. (6/5/13)--Minnesota credit unions improved their financial strength as measured by nearly every indicator during the first quarter, including asset growth of 3.2% during the first quarter.
Credit unions saw growth in the years since the financial crisis, according to the Minnesota Credit Union Network (MnCUN).
Minnesota credit unions showed growth in these areas:
Asset Growth--Minnesota credit union saw 7.3% growth between first quarter 2012 and first quarter 2013.
Deposit Growth--Deposits in Minnesota credit unions rose 3.5% in the first quarter from the fourth quarter and had 7.7% growth year over year from first quarter 2012 to first quarter 2013.
Loan Growth (Total Loans)--Year-over-year growth in loans made by Minnesota credit unions increased by 3.3% between first quarter 2012 and first quarter 2013, while loans decreased 0.5%.
Net Income--Minnesota credit unions are rated as "well-capitalized" by the National Credit Union Administration, with a net worth of 10.19%.
Consumers and businesses are choosing credit unions as their primary financial institution--much the same as they are choosing local restaurants and food co-ops, local businesses and other community-focused options, MnCUN said.
"Minnesotans have always been strong advocates for the member-owned model of credit unions," Mark Cummins, MnCUN president/CEO. "Consumers trust credit unions more than other financial institutions, as they align with their values of local, and not-for-profit financial institutions."
Credit unions submit quarterly data to NCUA. The summary and analysis was compiled by the Minnesota Credit Union Network based on NCUA's Call Report Data.