ST. PAUL, Minn. (5/8/13)--Minnesota credit unions improved their financial strength in nearly every indicator during the first quarter, according to the Minnesota Credit Union Network.
The state's credit unions have grown steadily since the financial crisis, with consumers and businesses choosing not-for-profit, locally owned credit unions as their primary financial institution.
"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," he said, noting they" align with their values of local and not-for-profit financial institutions."
Among the first quarter highlights:
Assets: Minnesota credit union assets grew 3.2% between fourth quarter 2012 and first quarter 2013. Assets grew 7.3% during first quarter from the same period a year earlier.
Deposits: Deposits grew 3.5% in first quarter from fourth quarter 2012, and 7.7% year over year from first quarter 2012 to first quarter 2013.
Loans: Year-over-year growth in loans made by Minnesota credit unions increased by 3.3% between first quarter 012 and first quarter 2013, while loans 0.5% between fourth quarter 2012 and first quarter 2013.
Net Income: Minnesota credit unions are rated as "well-capitalized" by the National Credit Union Administration with a net worth of 10.19%.
MnCUN based its summary and analysis on data credit unions submit quarterly to NCUA.