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News Now

CU System
Michigan CUs grow deposits small-business loans
LANSING, Mich. (9/8/11)--Michigan credit unions grew both deposits and loans during the second quarter, according to National Credit Union Administration (NCUA) data. Among the highlights cited by the Michigan Credit Union League:
*A $1.87 billion or 4.72% growth in credit union assets, which now stand at $41.4 billion; by comparison, Michigan-based bank assets dropped 4.5%; * Strong growth in small-business loans, which were up $171.5 million or 18.8% to $1.09 billion, while bank’s small-business loans dropped 10.1%; * An 8.33% increase in used-auto loans; credit unions have added $337 million and brought the total of these loans outstanding to $4.39 billion; * A rise of 5.2% in total deposits with savings accounts and money market accounts leading the growth at 11% and 9.84%, respectively. Over the same period, Michigan bank deposits fell by 3.5%; * An increase in return on assets of 0.74%, on an annualized basis; * A 12-month improvement of the overall net worth ratio, the primary measure of financial strength, to 10.71% from 10.64%, above the 7% credit unions considered by regulators as well capitalized; and * A decrease in delinquent loans to 1.53% from 1.81% of total loans.


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