Membership Growth Remains Steady in the Second Quarter

Many credit unions have been expanding to community charters in order to increase their membership. Find out what effect this has had on membership growth for the industry as a whole.

 
 

Credit unions experienced a membership growth in the second quarter. The total number of credit union members increased to over 84.7 million, a 0.65 percent growth from last quarter. For the past four quarters, total member growth has increased by 2.54 percent.

At the same time, the number of potential members has dramatically increased over the past year. This number has increased by 27.43 percent since June 2003 with a 5.59 percent jump from the first quarter of 2004. Part of this significant growth can be attributed to many credit unions expanding to community charters. While this expansion has not strongly affected total member growth over the past two quarters, this may change as members of a community realize they can join a community-chartered credit union.

 

 

 

Sept. 6, 2004


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