Consumer Lending Soars At Lake State In 2014

This northern Minnesota financial co-op boosted its consumer lending almost four times higher in the first nine months of 2014.

 
Andrew Bolton

 

Lake State Credit Union ($187.2M, Moose Lake, MN) is having a great 2014 when it comes to consumer lending. The credit union, headquartered approximately an hour outside of Duluth, MN, increased consumer loan originations to $40.8 million in the first nine months of 2014. That's nearly four times higher than the $10.3 million it originated in the same period in 2013, according to third quarter FirstLook data from Callahan & Associates.

The increased originations have led to strong balance sheet growth as well. Auto loans increased 34.2% annually as of September while credit cards balances were up 23.4% annually. And nearly 3,000 members joined Lake State in the past year, resulting in an 18.4% growth in membership.

YTD CONSUMER LOAN ORIGINATIONS
Data as of September 30, 2014 for Lake State
© Callahan & Associates | www.creditunions.com

Lake_State_Consumer_Loan_Originations2

Source: Peer-to-Peer Analytics by Callahan & Associates

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Nov. 5, 2014


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