Statewide, Michigan credit unions are having a pretty good ride amid the current economic chaos. If that trend continues, their customers could be the big winners.
According to excerpts from the story:
While banks hunker down to weather the financial storm, many area credit unions are finding blue skies. By and large, Michigan credit unions are holding their own in a punishing market that has brought some of the largest banks to their knees. In fact, some are posting healthy gains.
Their formula for success has been to keep doing what they've done traditionally -- making conservative but well-priced loans for homes, cars and small businesses with the money they take in as deposits.
"Because they are not-for-profit, they are not swinging for the fences, so to speak," said Dave Adams, chief executive of the Michigan Credit Union League.
Read the complete story here.
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