Minnesota Credit Unions see business lending and auto loan growth in Q3

ST. PAUL, MN (December 18, 2014) -- According to final data reported by the National Credit Union Administration (NCUA), Minnesota credit unions experienced significant growth in lending in the third quarter of 2014. Nationally, credit unions recorded their highest annual loan growth rate since the first quarter of 2006, with outstanding loan balances rising 10.1 percent over the third quarter of 2013.
 
Minnesota credit union member business lending grew nearly 15 percent, outpacing the national result of 12.6 percent. Auto lending – for both new and used vehicles – was also strong with growth rates of 7 percent and 11 percent, respectively, over the same time period in 2013.
 
“Credit unions are lending more to Minnesota businesses and consumers, which shows that confidence in today’s economy also continues to grow,” said Mark Cummins, Minnesota Credit Union Network President & CEO. “These loans are helping communities all across Minnesota build a brighter future.”
 
The strong growth trend for Minnesota credit union membership also continued during the third quarter, increasing by nearly 8,000 to reach a new high of close to 1,644,000. That total reflects a gain of nearly 37,000 memberships since the end of the third quarter in 2013. Overall, credit unions have experienced positive membership growth since 2011 and steady asset growth each year since 2007.