Five-Year Membership Growth

The 20 most successful credit unions at growing membership over a sustained period of time.

 
 

Twelve years ago, President Clinton signed into law the Credit Union Membership Access Act (HR 1151). Today, virtually anyone in the United States can belong to a credit union. Over the past year, credit unions grew 0.8%, adding more than 700,000 new members to their rolls. With a member growth rate of 3.98%, the billion dollar credit unions grew faster than any other asset-based peer group.

Below are the 20 credit unions that are most successful at growing their membership over a sustained period of time. This leader table shows the five-year compound growth rate (CAGR) for credit unions without a significant merger during that time period. The leaders range from $20.9 million to more than $2 billion.

Five Year Membership Growth Leaders

CAGR June 2005 - June 2010 | Credit Unions $20M+ in Assets (excluding significant mergers)

Rk

Credit Union

St

Avg.
Annual
Growth

Total Members

Total
Assets

1

MENNONITE FINANCIAL

PA

13.63%

15,616

$119,578,115

2

WV UNITED

WV

13.21%

4,717

$25,456,316

3

BREWTON MILL

AL

12.96%

1,968

$20,359,476

4

UNIVERSITY OF IOWA COMMUNITY

IA

12.54%

69,272

$986,708,415

5

WESC

WY

12.38%

2,719

$23,586,765

6

PLATINUM

GA

11.83%

5,306

$28,469,324

7

POTLATCH NO 1

ID

11.69%

48,577

$425,452,429

8

EASTMAN

TN

10.85%

116,658

$2,301,501,612

9

SOUTHEAST FINANCIAL

TN

10.84%

60,806

$412,107,657

10

DAWSON CO-OP

MN

10.78%

4,663

$97,701,996

11

TELCO

NC

10.68%

11,836

$59,327,468

12

SAN PATRICIO COUNTY TEACHERS

TX

10.60%

3,141

$21,926,580

13

TEXASGULF

TX

10.53%

7,690

$46,789,440

14

IAM COMMUNITY

AL

10.53%

5,250

$33,386,696

15

WHATCOM EDUCATIONAL

WA

10.52%

62,673

$687,470,571

16

FAMILY TRUST

SC

10.46%

40,197

$242,305,266

17

LEOMINSTER

MA

10.34%

50,045

$577,858,749

18

NAVY ARMY

TX

10.27%

78,430

$1,033,690,935

19

DOW LOUISIANA

LA

9.91%

22,515

$217,568,422

20

ARTESIA

NM

9.91%

6,184

$70,202,310

Industry Average

 

0.80%

12,072

$120,535,231

Source: Callahan & Associates’ 2011 Credit Union Directory (order today).

 

 

 

Sept. 20, 2010


Comments

 
 
 
  • You may need to rethink your leaderboard. At first glance, I thought "Wow! 10%+ average membership growth!?!", but look at the numbers. The average assets per member for some of these credit unions is laughable. Member growth just for the sake of member growth is meaningless, and 10 of the 20 credit unions are significantly lower than the national average assets/ member of $9,984 and are probably riddled with useless, dormant, inactive accounts that bring them nothing.
    John
     
     
     
  • Yes, some of these credit unions have lower than average assets per member. I would be wary of calling that, in itself, laughable. Understanding a credit union's field of membership and/or geographic location and/or their business model (primarily auto? mortgage? cc?) is more important to attacking one particular ratio that doesn't conform. Keep digging -- all but 2 of these credit unions also have above average 5 year CAGR of loans as well--with 14 of them well in to double digits. All but 2 have positive ROA (before NCUSIF expense, 3 after) and as a group average 1.06 -- significantly higher than the industry average of 0.62. (Source: Peer to Peer)
    Alix Patterson