ST. PAUL, Minn. (2/6/15)--Minnesota credit unions increased membership by nearly 8,000 in the fourth quarter of 2014, reaching a new high of 1.64 million, the Minnesota Credit Union Network (MnCUN) reported.
The new milestone continues an upward trend that began in 2011. (See related story: CUNA Dec. estimates capture historic CU membership growth.)
Credit unions in the Land of 10,000 Lakes also reported strong year-over-year asset, deposit and loan growth between year-end 2013 and 2014, according to National Credit Union Administration data.
Growth increases included $881 million in assets, $647 million in deposits and $713 million in loans over the one-year period.
"Minnesota credit union performance was solid in the fourth quarter and 2014 was a strong year overall," said Mark D. Cummins, MnCUN president/CEO. "The continuing growth we're seeing in loans and other indicators is a positive sign for Minnesota consumers, businesses and the state's economy as well."
Minnesota credit union assets grew by 4.9% year-over-year between the fourth quarters of 2013 and 2014, and also increased 1% between 3Q and 4Q 2014.
Deposits increased 4.11% year-over-year in the fourth quarter. Between 3Q and 4Q, deposits increased by 0.8%. Year-over-year loan growth in 4Q was 6.64%, and loan balances grew 1.87% on a quarterly basis.
Minnesota credit unions are rated as "well-capitalized" by the NCUA, with a reported net worth of 10.67% in 4Q 2014. The NCUA considers a credit union as well-capitalized if its net worth is above 7%.