LANSING, Mich. (9/11/15)--Michigan credit unions saw growth that mirrored national credit union growth statistics in a variety of categories, including assets, memberships and loans, according to second-quarter data from the National Credit Union Administration and CUNA.
Memberships in the state’s credit unions grew 1.3% during the quarter and 3% for the year. That’s the largest 12-month membership growth in 30 years, said Mike Schenk, CUNA vice president of economics and statistics, in a video on the Michigan Credit Union League’s website.
Total assets at Michigan credit unions rose 5.1%, compared with second quarter 2014.
Loans grew 4.1% during second quarter, a 16.4% annualized increase and more than double the increase Michigan credit unions reported during first quarter. Year-over-year total loans grew 11.6%. Annualized growth included 5% in credit cards; 16.5% in new-auto loans; 14.9% in used-auto loans; and 9.9% in first mortgages. Member business loans shot up 19.3% over the 12 months.
The growth mirrors lending growth metrics over the past 12 months in several Michigan cities, including Detroit, Flint, and Grand Rapids, said the league’s website.
Nationwide, total credit union loans grew 10.8%, and their memberships grew 3.2% to a total of more than 102 million members.
CUNA’s Schenk noted that economic growth is expected to continue during third quarter, despite the international market volatility.
“Looking forward, we expect the economy to continue to expand at a healthy pace. We believe labor markets will continue to improve, and that wages and salaries will continue to increase at a pace faster than the rate of inflation,” Schenk said.
In the video, he provides a detailed synopsis on key performance indicators along with historical data and a forecast for the future.