Michigan Credit Unions Saw Record Growth in 2014

Credit unions across the country attracted new members at a very good rate in 2014. However, the state of Michigan’s CUs saw particularly strong growth.

According to a report last week in CU Insight, (citing Credit Union National Association numbers) Michigan CU’s enjoyed their fastest annual increase in membership recorded since 1998 during the 12-month through the third quarter of 2014.

During the period, Michigan’s CUs added 97,175 new members, bringing the state’s total to more than 4.73 million.

CU Insight speculates that strong growth in auto lending by Michigan CUs may have a lot to do with this record growth in new members. Michigan CUs also posted strong growth in lending to member small businesses.

Will they repeat this performance in 2015? Let’s hope that Michigan CUs – and all CUs – have a great year.