Michigan credit unions, according to the Michigan Credit Union League, enjoyed double-digit increases in business loans and auto loans through 2014, plus a healthy jump in membership.
Loan growth grew 10.5 percent through the year, the fastest growing calendar-year increase since 1994, according to the Credit Union National Association.
The 2014 key loan growth by category breaks down as follows:
- Used automobile: 15.5 percent
- New automobile: 15 percent
- Member business loans: 14.5 percent
- Other unsecured loans: 11.2 percent
- First mortgages: 7.7 percent
- Credit cards: 4.8 percent
“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,” said MCUL President and CEO David Adams.
Last year was also a banner year for credit union membership, with 122,182 new members. This growth calculates to a 3.2 percent annual increase, bringing the total number of Michigan credit union members to 4.75 million.
“More and more people are joining a movement centered on truly partnering with members to help them achieve their financial goals,” said Adams.
The Michigan Credit Union League, organized in 1934, is a trade association representing Michigan’s credit unions. As of Sept. 30, there were 280 credit union organizations in the state and 144 banks.