ST. PAUL, Minn.—Minnesota credit unions are seeing the same growth across most categories as are CUs in other states.
The Minnesota CU Network said credit union membership grew by nearly 10,000 during the second quarter of 2014 to reach a new high of 1,636,000, an uptick in credit union membership that began in 2011. Minnesota credit union assets grew by 4.26% year-over-year between the third quarters of 2013 and 2014, and also increased 0.88% between Q2 and Q3 2014.
Deposits at Minnesota credit unions increased 3.65% year-over-year from third quarter 2013 to 2014. Between Q2 and Q3 2014, deposits increased by 0.8%. “The difference in asset and deposit growth suggests that credit unions are investing in infrastructure, such as branches and technology, to improve services to members,” the MCUN said. Total loans grew by 2.81% as of Q3, while the overall average net worth was 10.6% in Q3 2014.
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