ST. PAUL, Minn. (7/10/12)--Minnesota's 130 credit unions are recovering from 2008's financial collapse much faster than the state's banks.
About 78% of Minnesota's credit unions won Bauer Financial recommendations in the first quarter, bettering the national average of 73.7%, and an improvement from 64% in the first quarter of 2012, according to Finance and Commerce (July 9).
Minnesota credit unions also posted the third-fastest rate of improvement among all the states.
About 56% of Minnesota banks were recommended by Bauer this year, an improvement from 50% last year. Nationally, 65.6% of banks were recommended by Bauer.
Faster recoveries coming out recessions are typical for credit unions, Ben Rogers, chief researcher with the Filene Research Institute, told Finance and Commerce.
Minnesota credit unions were assisted by a boost in consumer confidence, which helped improve auto and home lending, Dan Stoltz, president of Spire FCU, Roseville, Minn., told the publication.
Credit unions also improved their operational efficiency, Stoltz said.