About 550 people in the state of Michigan are joining credit unions every day, according to a new report.
On the whole, credit unions in the state of Michigan had growth in membership, loans and earnings for the annual period that ended in September, the Michigan Credit Union League & Affiliates said on Friday. These results come after
Membership at credit unions in the state climbed by 3.2 percent in the third quarter from a year earlier, compared to 0.2 percent growth in population. Roughly 5.4 million Michiganders – more than half of the state’s population – are now credit union members.
On an annualized basis, membership growth was particularly high in Traverse City at 8.7 percent and Grand Rapids at 7.1 percent.
Loans at Michigan credit unions increased by 11.4 percent for the 12-month period that ended in September. On an annualized basis, commercial loans, which rose 23.1 percent, and new automobile loans, which increased 19.7 percent, delivered the highest growth rates.
“Each quarter, we see more and more Michigan consumers are turning to credit unions for their responsible lending, lower rates and fees and other financial benefits, such as higher CD rates, fee-free checking, lower fees and better loan rates,” Michigan league CEO Dave Adams said in a statement. “People respond to financial institutions that offer not only low-cost products and services created for financial health, not the highest profit, and that’s what we’re seeing in Michigan, where credit union memberships are outpacing population growth.”
