Minnesota credit union loans grow by nearly $1 billion
ST. PAUL, MN (May 18, 2015) — Preliminary data released by the National Credit Union Administration (NCUA) show that Minnesota credit unions experienced robust year-over-year growth in assets, deposits and loans between the first quarters of 2014 and 2015. Growth includes $927 million in assets, $669 million in deposits and $997 million in loans over the one-year period.
“Credit union loan growth has been impressive, and we’re pleased to see this continuing sign of consumer confidence,” said Minnesota Credit Union Network President & CEO Mark Cummins. “These loans are making a positive difference for families and communities throughout Minnesota.”
- The latest available membership data show that the number of Minnesota credit union members is 1.62 million.
- Minnesota credit union assets grew by 4.97 percent year-over-year between the first quarters of 2014 and 2015, and also increased 3.22 percent between Q4 2014 and Q1 2015.
- Deposits at Minnesota credit unions increased 4.09 percent year-over-year from first quarter 2014 to 2015. Between Q4 2014 and Q1 2015, deposits increased by 3.34 percent.
- Year-over-year loan growth between the first quarters of 2014 and 2015 was 9.31 percent – nearly twice the growth seen in assets. Loan balances also grew 1.74 percent between Q4 2014 and Q1 2015.
- Minnesota credit unions are rated as “well-capitalized” by the National Credit Union Administration (NCUA), with a reported net worth of 10.64 percent in Q1 2015. The NCUA considers a credit union well-capitalized if its net worth is above 7 percent.
Credit unions submit quarterly data to the National Credit Union Administration (NCUA). This summary and analysis was compiled by the Minnesota Credit Union Network.
Credit Unions are Safe, Sound & Secure
The National Credit Union Share Insurance Fund (NCUSIF) insures individual deposit accounts up to $250,000 and joint accounts up to $250,000 per member. NCUSIF is equivalent to the insurance provided by the Federal Deposit Insurance Corporation (FDIC) for bank accounts.
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.6 million members at 400+ branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.