During the ups and downs of the economy, total credit union employment has
continued to grow at just over 4%. Since 1997, average salaries and benefits
have also increased from $33,435 to $45,450 or a 4.48% per year. As of March
31, 2004 the total employment in credit unions was 210,514.
These two trends are a major factor in the annual increase of operating expense,
which have ranged from 8-10% during these seven years.
Even though national salaries have risen, there is over $20,000 difference
from the lowest to the highest state’s individual averages. Montana had
the lowest average at $34,129. California had the highest average at $55, 437
based on full year 2003 data.