Credit Unions’ 2013 First Quarter: Strongest Savings and Deposits in Years as Lending, Member Growth Rise 

Michigan consumers deepened their relationship with credit unions in the first quarter of 2013 as membership continued to grow. Michigan credit unions also continue to finance record levels of loans, all of which helps contribute to the state’s economic recovery, according to an analysis of data from the NCUA released today by the MCUL & Affiliates.

The data showed the following highlights for the first quarter of 2013:

“The growth in credit union deposits and lending in the first quarter shows very clearly that families, students, and businesses continue to join credit unions, and to deepen their relationship with credit unions because they understand the value of credit union membership now more than ever,” MCUL & Affiliates CEO David Adams said. “Michigan credit unions provide members access to historically low rates on loans, and lower fees on checking accounts. This in turn frees up cash for households and allows members to pay down debt, save for the future, and spend more at local businesses.”
 


Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
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