Positive performance trends for Minnesota credit unions through Q3
Wednesday, January 4, 2017
ST. PAUL, Minn. (January 4, 2015) - Minnesota credit unions saw continued growth and positive trends in nearly every performance indicator through third quarter 2016, a report release by the National Credit Union Administration (NCUA) shows.
The NCUA report finds that, compared to 2015, overall credit union assets grew 7%, loans grew 10%, and loan delinquencies dropped 3.5% in Minnesota. The average capital ratio is a solid 11%, well beyond the 7% threshold the NCUA defines as “well-capitalized.” Credit union membership in the state increased over 2% in the first three quarters of the year, bringing the total number of Minnesota credit union members to 1.7 million.
“Credit unions are not-for-profit financial cooperatives – so their customers are both members and owners. Earnings are returned to members in the form of lower loan rates, higher savings rates, and low or no service fees,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network, the state trade association for Minnesota’s credit unions. “We are pleased to see that more and more Minnesotans are choosing credit unions as their best financial partner.”
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.
Credit unions submit quarterly data to the National Credit Union Administration (NCUA). This summary was compiled by the Minnesota Credit Union Network.
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With $21 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.7 million members at almost 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.