With beginning of the school year coinciding with the release of 2nd quarter
data, Callahan's decided to examine top-performing, federally-chartered credit
unions whose primary field of membership is education-related.
There are approximately 1,000 federally-chartered credit unions who list education
as their primary field of membership. As a whole, they tend to outperform the
industry when it comes to certain financial performance measures. For instance,
ROA for these credit unions is 1.02% compared to 0.92% for the whole industry.
They also outpace the industry in loan growth (13.75%), share growth (7.09%)
and member growth (3.20%).
Many of these credit unions serve the teachers and other employees of schools
and colleges. Others, such as Michigan State University Federal Credit Union,
handle the financial services of college students who, in many cases, have never
held an account at a financial institution.
Take a look at the top 15 credit unions in this group by assets.