Minnesota Credit Unions Show Strong Q3 Performance

According to the National Credit Union Administration’s (NCUA) Quarterly U.S. Map Review, Minnesota credit unions experienced solid performance along key indicators, including median annual asset growth, median annual deposit growth, membership growth and loan delinquency rate. Highlights include:

•  Annual deposit growth was 13.4%, ranking 10th nationally.
•  Minnesota credit unions once again had one of the lowest delinquency rates in the nation for the third quarter  with 19 basis  points.
•  Minnesota credit union assets grew 13.4% with $35 billion in assets, above the median annual growth rate of 11.5 %.
•  97% of Minnesota Credit Unions had positive year-to-date net income.
•  Membership at Minnesota credit unions grew 0.7% in median year-over-year member growth, ranking 13th in the  nation and above the national average of 0.4%. 

According to NCUA 5300 report data, credit unions in Minnesota now have 2 million members. ​​In 2019, MnCUN embarked on a goal to increase the percentage of Minnesotans belonging to a credit union to 50% by 2030. MnCUN analysis of NCUA and 2020 Census data shows that credit union membership increased to 34.5% with a 3.8% growth during the 12 months ending in June 2021.