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Minnesota’s Credit Unions Show Continued Growth

ST. PAUL, MN (May 7, 2013) Minnesota credit unions improved their financial strength in nearly every indicator during the 1st quarter of 2013. Credit unions have recognized steady growth in the years since the financial crisis.

Consumers and businesses are choosing not-for-profit, locally-governed credit unions as their primary financial institution – much the same as they are choosing local restaurants and food co-ops, local businesses, and other community-focused options.

“Minnesotans have always been strong advocates for the member-owned model of credit unions,” Mark Cummins, MnCUN President & CEO. “Consumers trust credit unions more than other financial institutions, as they align with their values of local, and not-for-profit financial institutions.”

Asset Growth

  • Minnesota credit union assets grew 3.2 percent between Q4 2012 and Q1 2013, and 7.3 percent growth between Q1 2012 and Q1 2013.

Deposit Growth

  • Deposits in Minnesota credit unions grew 3.5 percent in Q1 2013 from Q4 2012, and 7.7 percent growth year over year from Q1 2012 to Q1 2013.

Loan Growth (Total Loans)

  • Year over year growth in loans made by Minnesota credit unions increased by 3.3 percent between Q1 2012 and Q1 2013, while loans decreased 0.5 percent between Q4 2012 and Q1 2013.

Net Income

  • Minnesota credit unions are rated as “well-capitalized” by the National Credit Union Administration (NCUA) with a net worth of 10.19 percent.

Credit unions submit quarterly data to NCUA. The following summary and analysis was compiled by the Minnesota Credit Union Network.

Credit Unions are Safe, Financially Sound & Secure

The NCUA is the federal insurance and regulatory agency for credit unions, similar to the FDIC for banks. The National Credit Union Share Insurance Fund (NCUSIF insures individual accounts up to $250,000 and joint accounts up to $250,000 per member. The NCUSIF separately protects IRA and KEOGH retirement accounts up to $250,000. The NCUSIF is funded by credit unions and has never received taxpayer money. NCUSIF, like FDIC’s insurance fund, is backed by the full faith and credit of the U.S. government.

The Minnesota Credit Union Network is an organization representing the state’s 133 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.

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