LIVONIA, Mich.–Credit unions in this state returned $423-million in benefits to 5.4 million members during 2018, according to new analysis released by the Michigan Credit Union League.
During the fourth quarter of 2018, membership increased by 0.7% was reported, bringing growth to 3.3% for the year.
According to the league and data compiled by CUNA, on an annualized basis membership grew fastest in the Traverse City market (8.7%), followed by Grand Rapids at 7.4%, and Detroit at 2.8%.
The MCUL said CUNA estimates the state’s 5.4 million members received a total of $423 million in direct financial benefits last year, which is equivalent to $168 per household or $80 to each member. These benefits were calculated based on average savings differences between credit union and bank pricing, and result from financial benefits, such as higher CD rates and fee-free checking, as well as lower rates and fees on products like home, car and auto loans.
Robust Loan Growth
Overall loan growth in the state grew 10.4% during 2018, led by credit cards (4.3%), commercial loans (3.2%) and other secured loans (2.6%).
“Michigan credit union membership outpaced population growth through 2018 and we expect to maintain this trend this year,” said MCUL President and CEO Dave Adams. “The league has aligned our advertising campaign with CUNA’s national campaign, “Open Your Eyes to a Credit Union,” this year to create more awareness of the credit union difference. By using the campaign in Michigan to draw attention to the breadth of credit unions’ services to potential and current members, membership growth, loan growth and earnings should continue steadily rising in 2019.”