LANSING, Mich. (9/23/13)--Michigan credit unions reported increases in loans for new and used automobiles at rates that surpassed the national averages, according to 2013 second quarter data released by the National Credit Union Administration (NCUA) and analyzed by the Michigan Credit Union League (MCUL).
Credit union membership increased for the eighth straight quarter--growth that also translated into 1,000 new employees at Michigan credit unions in the past four years.
"Michigan credit unions continue to play a key role in helping Michigan's economy make its comeback, said David Adams, MCUL CEO. "Families, students, and small businesses alike are turning to credit unions in record numbers because of the value they provide and the trust that they have earned. The data show that credit unions are increasingly becoming the lender of choice for more and more Michiganders."
He also noted that as membership and loan volume increases, credit unions "are able to hire more people and further the state's economic recovery in yet another way."
Highlights of the second quarter results include: