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IDet. Free PressI Big banks lose CUs have banner year
DETROIT (10/13/10)--An article in the Detroit Free Press about big banks in Michigan losing market share also mentions that credit unions have had a "banner year." As of June 30 Michigan's five largest banks--Chase Bank, Comerica Bank, PNC Bank, Bank of America and Fifth Third Bank--accounted for 55% of all deposits in the state--down from 57.3% on June 30, 2009. Deposits dropped by $8.1 million or 5% as the number of banks in the state shrank to 165 from 173. The Oct. 8 article mentions that big banks have been the target of a backlash among some consumers and businesses about bailouts. The banks "have been accused of redlining the state and the auto industry by pulling credit lines and refusing to make new loans," said the article. "Credit unions in Michigan have capitalized on the bank backlash, spending a record amount on advertising this year," it continued. The article cited statistics from the Michigan Credit Union League that note that credit unions gained nearly 15,000 members so far this year and theirsavings deposits are up 7.5% through second quarter. David Adams, president/CEO of the league, told the publication: "It's going to be a banner year for credit unions." For the full article, use the resource link.
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