Michigan credit unions saw strong loan and membership growth in the third quarter, according to National Credit Union Administration data released by the Michigan Credit Union League.
More than half of the state’s 9.9 million residents are members of a Michigan credit union, and memberships increased by 1.7 percent in the third quarter – more than double the growth seen in the second quarter of 2017. Membership from the beginning of the year until September 2017 increased by 3.5 percent—just under the 3.6 percent growth seen during all of 2016.
While membership on the whole is growing statewide, some cities did see dips, including Marquette, Muskegon and Detroit, which saw a whopping 2.3 percentage point drop in membership despite the continued revitalization of the city and an influx of younger consumers moving there.
Loan portfolios for Michigan credit unions grew by 4 percent in the third quarter, in line with the 4.1 percent growth seen in the second quarter but well ahead of last year’s third-quarter growth of 3.3 percent.
New auto loans led the way with a three-month, 6 percent gain. Personal unsecured loans increased by 4.8 percent, and first mortgages were up 4 percent in the third quarter.
“As Michigan communities grow, their credit unions are growing with them,” Ken Ross, MCUL president and COO, said in a press release. “If you look behind these statistics, you’ll find credit unions providing car loans that allow people to get to work, home loans that put keys in the hands of first-time homeowners and opportunities for small businesses across the state — these are the real difference credit unions make in people’s lives.”