Strong Membership Growth Continues at CUs

CUs add nearly 677,000 members during the first quarter of 2013.

June 21, 2013
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The credit union movement continues to see impressive membership growth, adding 676,583 members during the first quarter of 2013—the third-highest quarterly increase since 2006, according to SNL Financial.

The credit union movement has reported quarterly membership increases of more than 600,000 in four of the last five quarters, adding 2.7 million members during that time, SNL reports. That’s more than the previous 11 quarters combined.

The company lists total credit union membership at 95.7 million, up from 93.8 million one year ago, a 2.11% increase.

Driving this growth is the residual benefit from Bank Transfer Day, SNL reports, as consumers continue to embrace the benefits of credit unions’ low interest rates and fees, and higher average deposit rates. Technology also is playing a role.

Mergers play a prime role in member growth for many credit unions. The report cites $750 million asset Educational Systems Federal Credit Union in Greenbelt, Md., which doubled its membership to more than 90,000 after combining with Montgomery County Teachers Federal Credit Union in Derwood, Md.

Pathways Financial Credit Union recorded the highest percentage growth in members during the year ended March 31, 2013 (excluding credit unions with less than 10,000 members). Rounding out the top five in percentage membership growth are Educational Systems Federal; Members First Credit Union, Midland, Mich.; American United Federal Credit Union, Salt Lake City; and PremierOne Credit Union, Sunnyvale, Calif.

View the complete report here.

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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