November 14, 2011
By Callahan & Associates
In the first half of 2011, credit unions welcomed 510,217 new members into the cooperative community. Annually, credit unions grew membership rosters by 0.59% as of June 2011, bringing the total credit union membership base to 92.3 million. Industry observers expect those numbers to increase as Bank Transfer Day activities drive new members into the credit union market.
In addition to adding new members, credit unions were also successful at furthering relationships with existing members. The average member relationship (excluding business loans) grew 1.8% year-over-year to $14,774. On average, members now have 2.35 products with their credit union.
There are currently more than 1,400 state and local real estate associations linked to the National Association of Realtors, which is the core of Realtors Federal Credit Union ($85.4M, Rockville, MD).
“These are the grassroots of the realty community,” says Jane Pannier, CEO. “It can be very advantageous to work with these associations."
“NAR sends of all of its members emails touting the benefits of credit union membership,” says Jesse Boyer, Realtor’s COO.
The credit union is capitalizing on this loyalty and turning those new membership into loans as well. Realtors grew its loan portfolio by 10.66% in the year ending June 2011 bucking its peer group (credit unions $50-100M in assets) decline of -0.57%, according to Callahan & Associates' 2012 Credit Union Directory. Its average member relationship of $17,409 is nearly 18% above the industry average of $14,774.
Below are the Top 20 credit unions with the fastest growing memberships from June 2010-June 2011 according to Callahan & Associates' 2012 Credit Union Directory. Credit unions that grew as a result of a merger or purchase and acquisition have been excluded from the results to highlight those credit unions that grew their membership organically.
For the complete Top 50, see Callahan & Associates' 2012 Credit Union Directory
7/26/2012 04:11 PM
Georgia has a very strong credit unionand has not had a loss in many years.Check out Georgia United Credit Unionon the NCUA data.
Credit Union Member
I wish the article would have mentioned profitability. I looked up the #1 credit union from this list on the NCUA website. According the NCUA data, this #1 ranked credit union in Maryland lost 25% of its undivided earnings within that same 12 month period.
It's wonderful we are seeing growth but the figures do not give reason for such a build-up as indicated in this prose. Yes, 6916 increase in membership is wonderful but when you consider the membership base-potential being 1.6 million of a like minded group that's not as good as it could have been - especially when I see Central Idaho CU with a growth of 96,000+ members and 930.8+ Millions in deposits over the same period of time. And the population of the entire state of Idaho is also approx. 1.6 million peoples.Since its inception I think I've received one direct invitation (US Postal or E-Mail) from our Realtor CU to become a member.Daniel Kennedyretired VP/GM marketing and advertising newspaper professionPast President Tribune (newspaper) CU Tacoma, WA206-501-5639 Now, Proud to be a Realtor
Rose Ann Sinclair
7/26/2012 04:10 PM
I am a former NAR member and would like to know if I can open an account through your credit union? I have had my money that was due me from family and from other investments stolen and need to keep my new account safe.
7/26/2012 04:08 PM
This is an unprecedented opportunity for the Credit Union Movement to grow. I would be curious to see membership grow with members under 35 years old and how that compares to the entire financial services industry. And also what estimated attrition rates are too. Good article.
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