West Michigan credit unions report growth in business lending for 2015
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.