Strong Membership Growth Continues at CUs
CUs add nearly 677,000 members during the first quarter of 2013.
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.