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Michigan CUs grow in challenging economy
LANSING, Mich. (9/14/10)--Michigan credit unions reported strong net worth, lending and membership growth in the second quarter, according to the Michigan Credit Union League. Data from the National Credit Union Administration shows Michigan credit unions received a 0.3% return on assets, which was stronger than expected, the league said. Credit unions had a net worth to assets ratio of 10.7%, greater than the national average of 9.9% or Michigan banks’ average of 9.2%. Ninety-four percent of Michigan credit unions are well-capitalized, the league added. Other statistics:
* Loans grew 1.2%, with used-auto loans increasing 10.3%, first mortgages 2.6% and credit cards 5.3%; * Commercial business loans grew 17.7% for the 12 months prior to June 30, compared with the national growth rate at credit unions of 7.7%. Commercial lending at Michigan banks dropped 5.7% through June and 13.9% nationally; * Real estate loans at credit unions during the second quarter grew 0.8%, compared with a decline of 13.3% at state banks and 6.8% at banks nationally; and * Savings grew by 7.5%, with money markets the fastest growing accounts up 20.7%.
“Michigan’s credit unions are a bright spot among financial institutions in the state, despite ongoing difficulties in our economy,” said David Adams, league president/CEO. “They are lending in their communities and supporting businesses and families.” About 44% of Michigan residents belong to a credit union. About 15,000 residents moved their money to credit unions since January, bringing membership to 4.4 million.


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