LANSING, Mich. (6/6/13)--Michigan consumers strengthened their relationship with credit unions in the first quarter of 2013 as membership continued to grow. Michigan credit unions also continue to finance record levels of loans--all of which helps contribute to the state's economic recovery, according to an analysis of data from the National Credit Union Administration released Wednesday by the Michigan Credit Union League.
"The growth in credit union deposits and lending in the first quarter shows very clearly that families, students, and businesses continue to join credit unions, and to deepen their relationship with credit unions because they understand the value of credit union membership now more than ever," said MCUL CEO David Adams.
"Michigan credit unions provide members access to historically low rates on loans, and lower fees on checking accounts," he added. "This in turn frees up cash for households and allows members to pay down debt, save for the future, and spend more at local businesses."
The data showed these highlights for the first quarter of 2013:
News Now recently covered the National Credit Union Administration's announcement of first-quarter financial results for credit unions. Use the link.