ST. PAUL, Minn. (8/10/15)--Minnesota credit unions showed strong year-over-year growth in assets, deposits and loans between the second quarters of 2014 and 2015, according to preliminary data released by the National Credit Union Administration.
“Credit union loan growth has been impressive, and we’re pleased to see this continuing sign of consumer confidence,” said Mark Cummins, Minnesota Credit Union Network president/CEO. “These loans are making a positive difference for families and communities throughout Minnesota.”
Year-over-year loan growth between the second quarters of 2014 and 2015 was 10.3%--more than twice the growth seen in assets. Loan balances also grew 3.64% between 1Q 2015 and 2Q 2015.
The latest available membership data show that the number of Minnesota credit union members is 1.61 million.
Assets rose by 4.75% year-over-year between the second quarters of 2014 and 2015.
Deposits at Minnesota credit unions increased 4.31% in the second quarter.
Minnesota credit unions are rated as “well-capitalized” by the NCUA, with a reported net worth of 10.76% in 2Q 2015. The NCUA considers a credit union well-capitalized if its net worth is above 7%.