LANSING, Mich. (4/14/15)--Michigan credit unions in 2014 experienced the fastest rate of loan growth in two decades, according to CUNA numbers reported by the Michigan Credit Union League.
Over the 12-month stretch, loan growth jumped 10.5%, the fastest pace since 1994. Further, new- and used-auto loans surged by 15% and 15.5% respectively.
"Credit unions work to empower their members, whether that's by helping a member realize their dreams of homeownership or by funding that first car loan," said David Adams, league president/CEO. "From funding small businesses to providing financial education, as member-owned, not-for-profit financial cooperatives, credit unions exist to provide their members with high-quality, lower-cost financial products."
Credit unions in Michigan also saw member business loans climb by 14.5% during 2014, other secured loans rise by 11.2%, first mortgages jump by 7.7% and credit cards increase by 4.8%.
But loan growth wasn't the only indicator of a strong year for Michigan's credit unions.
Memberships also expanded at a rapid pace during the 12 months, climbing 3.2% and pushing total memberships up to 4.75 million in the state.
"More and more people are joining a movement centered on truly partnering with members to help them achieve their financial goals," Adams said. "Increasingly, credit unions are equipping their members with knowledge, support, and a sense of empowerment."