LANSING, Mich. — Michigan is at the top of the nation with a whopping 9.3% unemployment rates, but the state's credit unions appear to be faring well with gains in membership and loan volume, according to the Michigan Credit Union League.
In a statement Monday, the league said total membership grew by 17,000 in the third quarter, the most since 2003, while total loans during the period grew by 2% to $22 billion, an annualized growth rate of 8% and the highest since 2006.
"This data shows credit unions' resilience and the benefits of prudent lending," said David Adams, president/CEO. "The strong loan growth suggests that credit unions are well-positioned to help consumers and small businesses weather a struggling economy in Michigan." CUs, said the league, saw the strongest growth in auto loans with a 4% increase in used vehicle loans (16% annualized growth rate) and a 3.1% rise in new vehicle loans (12.4% annualized growth rate). Overall, credit union auto loans rose to more than $4.8 Billion.
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