In the first eleven months of 2003, the NCUA approved 301 mergers as larger credit unions looked to expand and the smaller ones generally looked to improve their member service.
At the end of the third quarter there were 9,664 federally and privately insured credit unions, a decrease of exactly 300 from September 2002.
The continuing merger trend, coupled with strong credit union share growth has led to a dramatic increase in the average credit union size. At December 2001, the average credit union held just under $50 million in assets. Not even two years later, the average credit union is now over $64 million in assets.