Membership growth continues to slow in Michigan
Michigan credit unions continued to increase membership last year at a faster rate than the state’s overall population growth.
Credit unions posted an increase of 0.8% in members in the fourth quarter and 2.7% for 2019, the Michigan Credit Union League said in a press release on Monday. That is about 90 times faster than growth in the state’s population, the press release said. The league attributed the growth to a strong economy.
However, the annual growth rate was down slightly from the 3.3% increase posted in 2018, according to the Michigan Credit Union Profile for year-end 2019, compiled by the Credit Union National Association.
Over the last year, Michigan credit unions gained about 148,000 members. The Marquette region in the state’s Upper Peninsula expanded members at the fastest rate at 19.8%, followed by the 5.5% added by institutions in the Grand Rapids area in western Michigan.
Loan portfolios increased by 1.7% in the fourth quarter and at a 6.8% annualized rate. The league said the state’s credit unions outpaced national growth averages in a number of lending categories, including small business loans, which grew by almost 18%, and first mortgages, which ticked up by more than 10%.
“Michigan credit unions finished the year strong, continuing to push membership growth faster than the state’s population growth,” Dave Adams, the league’s president and CEO, said in the press release. “This data isn’t just impressive business statistics, but important for the financial health of Michigan consumers. Due to the current COVID-19 pandemic, this increased number of members means more residents have easy access to the many hardship-relief options that Michigan credit unions are offering to provide for those in need.”