This data was excerpted from Callahan's
2002 Credit Union Directory. Don't delay order your copy
today. To order and save 10% visit our online bookstore
Total credit union members rose by just over 2.7% to an all
time high of 80 million. The average share balance is now
over $5,284 and the average loan balance $7,675.
While credit unions are estimated to reach approximately
40% of US households a review of Federal Reserve Board’s
Survey of Consumer Finances, suggests that credit union members
are still a very small share of the population. Using the
1998 household data, the Filene Institute in a report Who
Uses Credit Unions, estimates that only 6% of households are
“credit union only” users and 12.4% are predominately
credit union users.
The growth of assets of 11.8% was the highest in over 10
years and was fueled by the double-digit savings growth. Most
of this increase was from internal share growth which increased
9.1% and only 2.7% from new members. This pattern suggests
that although credit unions have expanded their potential
members by over 16%, most of the growth in 2001 reflects existing
members bringing more funds to the credit union.
One dilemma is that the growth is not evenly distributed
throughout the credit union system. Larger credit unions grew
faster in loans, savings and had higher ROA than did smaller
credit unions. In fact the very smallest credit unions are
experiencing “dis-investment” as members slowly
reduce their balances and participation. The high growth numbers
are primarily from 800, mostly larger, institutions.