LANSING, Mich.—Michigan’s credit unions have released new data showing the state posted solid lending and membership growth during 2014.
The Michigan CU League reported that the following key metrics were all up:
- Loan growth 10.5%
- Used automobile: 15.5%
- New automobile: 15%
- Member business loans: 14.5%
- Other unsecured Loans: 11.2%
- First mortgage: 7.7%
- Credit Cards: 4.8%
In addition, during 2014 credit union membership in Michigan was up 122,182, a 3.2% annual increase, bringing the total number of Michigan credit union members to 4.75 million.