Minnesota credit unions growing rapidly

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Deposit and loan growth makes Minnesota's credit union industry among the fastest-growing in the country, the Business Journal reports.

According to figures from the National Credit Union Administration, Minnesota ranks fourth-best for year-over-year deposit growth at 9.5 percent. Loan growth is also at 9.5 percent, ranking fifth-highest.

The state also scored well in membership growth at 4.2 percent.

Minnesota's 135 credit unions had nearly $18 billion in total assets by the end of last year, which is still way behind the state's 379 banks that had more than $63 billion in total assets.

About two years ago, increased bank debit card and other fees forced thousands of customers to move their business to credit unions or community banks.

The state's credit union industry continues to grow while 4th quarter data shows Minnesota banks had negative growth in savings balance rates and loans, according to The Minnesota Credit Union Network.

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