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4Q data Mich. CUs still growing
LIVONIA, Mich. (3/10/11)--Michigan credit unions added more than 37,000 members in 2010 and continued growth in deposits and small-business loans, according to 2010 fourth-quarter National Credit Union Administration call report data. “Michigan’s credit unions are growing faster than the national average, which is impressive, considering the state’s loss in population,” Michigan Credit Union League CEO David Adams said. “Recent Harris Interactive research in Michigan shows credit union members are twice as likely as bank customers to trust, value and refer their financial institution to a friend or family member. In the aftermath of the recent national economic meltdown, households are looking for a financial institution they can trust to provide fair rates and low fees.” The year-end data also showed that while overall loan activity in the state was flat at -0.4%, credit unions continued to show strength in small-business loans with an annualized growth rate of 18.8% in 2010. “Small business capital is critical for Michigan’s economy,” Adams said. “Credit unions have consistently demonstrated the ability and willingness to lend to small businesses, even as the economy struggles to recover.” Credit union members continued to save more and borrow less in the fourth quarter. As overall deposits grew by 5.8% in 2010, the strongest category of savings growth was checking accounts. Credit unions’ checking-account balances increased 5% in 2010, to $4.4 billion from $4.2 billion. The 2010 data also revealed that credit unions continue to post strong capital-to-assets ratios, averaging 10.8%, and they have lower loan delinquency rates than competitors do. Due to challenges underwriting loans, credit unions built up liquidity, with liquid capital increasing to $11.7 billion from $10.1 billion during the past year. “Credit unions have lots of money to lend, and they’re strong enough to meet most lending needs of their members and small business clients,” Adams said. “Credit unions’ strength, growth and liquidity position are the rewards of prudent lending prior to the economic meltdown.”


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