ST. PAUL, Minn. (11/5/13)--Credit unions in Minnesota expanded in the third quarter, according to data published by the Minnesota Credit Union Network.
The state's credit union league said that the change in prominent measures indicates that positive growth in the industry is continuing in the Land of 10,000 Lakes--a nationwide trend that has been ongoing since the recession officially ended in 2010.
According to the third quarter data:
Membership in Minnesota credit unions grew by 0.8%, increasing by 12,000 to 1,591,000;
Assets grew by over 0.7%, with annual growth clocking in at 5%;
Deposits increased by 0.4%, with annual growth at 5.35%;
Loan balances increased by 2.69%, with annual growth at 5.81%; and
Net worth was 9.98%, higher than the National Credit Union Administration's "well-capitalized" threshold of 7%.
"As credit unions lend more to Minnesota consumers, it shows that consumer confidence is increasing as well," said Mark Cummins, MnCUN president/CEO. "We're glad to see credit unions contributing to the overall growth of the state's economy."