ST. PAUL, Minn. (3/19/15)--Led by growth in auto lending and member business lending, 2014 was a measurable success for Minnesota credit unions, the Minnesota Credit Union Network (MnCUN) reported.
Member business lending grew 12.9% between year-end of 2013 and 2014, outpacing the national result of 12.4%, according to final data reported by the National Credit Union Administration (NCUA). In addition, auto lending--for both new and used vehicles--was also strong with growth rates of 12.8% and 6.5% respectively over the same time period.
"The continuing strong growth we're seeing in business and auto lending is a very encouraging sign--both for Minnesota credit unions and our state's economy," said Mark Cummins, MnCUN president/CEO. "These loans are helping Minnesota businesses, consumers and communities thrive over the long term."
Year-over-year loan growth between the fourth quarters of 2013 and 2014 was 6.64%, and loan balances grew 1.87% between 3Q and 4Q 2014.
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.
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%.
Deposits at Minnesota credit unions rose 4.11% year-over-year from 4Q 2013 to 2014. Between 3Q and 4Q 2014, deposits increased by 0.8%.