LANSING, Mich. (9/24/14)--Credit unions in Michigan enjoyed thorough gains in growth during the first two quarters of 2014, according to the Michigan Credit Union League (MCUL).
More than 40,000 members joined credit unions in the state in the first six months of this year, bringing the total number of Michigan credit union members to 4.67 million. State credit unions also saw double-digit year-over-year growth in many types of loan issuances.
League President/CEO David Adams said that the recent numbers demonstrate the continuation of a trend that started during the Great Recession when "credit unions stepped up to provide business loans to help stimulate the flow of commerce in their respective communities."
On an annual basis, member business loans in the first two quarters climbed 20.6%--down from the 26% year-over-year increase measured in 2013. New- and used-auto loans respectively increased by 12.3% and 15% between the end of the second quarter in 2013 and 2014. First-time mortgages picked up by 7.2% and unsecured loans jumped 11.3% during the same time frame.
The increase in members outpaced the state's 2013 population growth of 0.1% and made total state credit union membership equal to just less than half of the state's estimated 2013 population--9.86 million, according to the Census Bureau. The 2.3% increase in membership is the largest one-year expansion since 1998, according to the MCUL.