LANSING, Mich.—Credit union membership in Michigan rose 0.8% (3.2% annualized) in the fourth quarter — nearly 10 times faster than U.S. population growth, according to the Michigan league.
The state’s membership growth in 2021 came at a three-year high of 4.2%, pushing total Michigan credit union memberships to 5.8 million, the league added.
According to CUNA data, membership growth by region (for trailing 12 months):
- Grand Rapids: 5.3%
- Traverse City: 4.6%
- Flint: 2.4%
- Muskegon: 1.6%
- Lansing: 1.5%
- Marquette: 0.9%
Michigan credit union loan portfolios increased 10.2% over the past year. This average is well above the national rate of 7.7%, the league said.
Q4 Loan Growth by Type
- Member business loans: 23.8%
- First mortgages: 13.6%
- Used auto: 11%
- Credit cards: 3.1%
- New auto: 2.7%
“The end of the fourth quarter also marked approximately one year out of the COVID-19-induced lockdown. While the year saw the dangerous breakthroughs of two variants of the virus, Michigan’s credit union memberships continued to rise, and at the fastest rate we’ve seen in a few years,” said MCUL CEO Patty Corkery. “After nearly two years of this pandemic, it’s clear to me that the membership our state has seen is not unrelated to the virus. During times of difficulty or general uncertainty, finding a trusted financial partner is a top priority. Last year, that’s exactly what we saw consumers do in Michigan, where membership growth outpaced population growth.”
CUNA’s Q4 Member Benefits Report for 2021 shows that Michigan credit unions contributed to a total of $556 million in direct financial benefits to Michigan’s 5.8 million members over the previous twelve months. This total is equal to $83 per member or $174 per household, the league said.
For the complete Q4 2021 NCUA Call Report Data here.