The largest credit unions based in West Michigan posted strong results for 2015, growing assets and consumer and business loans as well as membership.
The two largest credit unions — Grand Rapids-based Lake Michigan Credit Union and United Federal Credit Union in St. Joseph — both even surpassed asset milestones during the year. Lake Michigan ended 2015 with $4.08 billion in total assets, up 15.2 percent from 2014, and United Federal had $2.01 billion in total assets, an increase of nearly 10 percent from the prior year.
Many credit unions recorded 2015 loan growth in the double digits, said Kenley Penner, a partner and the head of Plante Moran PLLC’s credit union practice. Penner attributes the results and lending growth to a “relatively strong” housing market that’s driving mortgage originations, coupled with strong sales volumes for both new and used vehicles.
“2015 was a great year for the auto industry and credit unions certainly participated,” he said.