Michigan's credit unions are celebrating another year of strong gains in both membership and loans.
According to the Michigan Credit Union League, CUs in the Great Lakes State saw membership rise at its fastest rate since 1987, hitting 3.6 percent member growth for 2016. And while membership only rose by 0.7 percent during Q4, MCUL is touting credit union membership growth rising at a faster rate than the state's population -- estimated to be about 0.4 percent for 2016, the league said.
Several cities saw significant membership growth, including:
- Grand Rapids: 7 percent
- Traverse City: 3.9 percent
- Detroit: 2.2 percent
- Lansing: 1.7 percent
Loan portfolios at Michigan credit unions also showed strong gains, rising 2.4 percent during Q4 -- a slight decrease from the 3.3 percent figure reported for Q3 of last year, but well above the 1.8 percent seen in Q4 2015.
For the full calendar year, total loans grew by 11.5%, the highest such figure since the 15.9% tally in 1994.
In the fourth quarter of 2016, these loan categories showed the highest increases:
- Credit cards: 5.5 percent
- Member business loans: 4.1 percent
- New car loans: 3.8 percent
- Other unsecured loans: 3.4 percent
“With memberships growing faster than the state population, it’s obvious that Michigan has a serious need for credit unions,” MCUL President and CEO Dave Adams said in a statement. “The increase in loans across the board in 2016 proves that we will be there, providing our members and communities with low-cost, high-quality products and services.”
