At June, there are 154 credit unions in the "Billion Dollar Club." Callahan's First Look program provides early insight into the performance of the nation’s largest credit unions. These represent roughly 44% of all credit union assets. View the entire list here.
Most of these credit unions (124) saw positive member growth, with Alliant (IL) posting the largest gain of 17.6%, nearly tripling the group's average of 6%. Patelco (16.7%) and SchoolsFirst (14.6%), both in California, come in second and third at success in attracting new members. (While mergers contributed to the growth of some credit unions we have removed credit unions whose mergers were the dominant factor in their annual growth.)
Trumark Financial (PA) led the group in share growth, posting an increase of 35.4%. Right behind was Teachers (NY) with 30.4% and Anheuser-Busch Employees (MO) with 28.9%. The distribution of share growth had greater variation than member growth, as some credit unions pulled back on share promotions to preserve their capital ratio. Beyond increased personal savings rates, Anheuser-Busch Employees saw increased flows due to Anheuser-Busch's sale (and the resulting stock sale) to InBev. Twenty-three credit unions saw a decline in total shares.
The fastest growth on the share side came from IRA/Keoghs (18.2% annual growth) and money market accounts (13.8%). Over 50 of the Billion Dollar Club credit unions now offer Health Savings Accounts (included in the share totals above).
On the lending side, four credit unions grew their loan portfolios by more than 20% for the 12 months ending June 2009:
- Public Service Employees (CO) 25.73%
- Randolph-Brooks (TX) 21.97%
- Teachers (NY) 20.66%
- Chevron (CA) 20.48%
Mortgages were a primary but not exclusive factor in their growth. A diverse strategy across a variety of products, including auto and business loans, propelled these credit unions to the top of this list. The top three credit unions above grew auto loans double digits with Teachers nearly doubling their portfolio from last year.
Record 1st mortgage sales on the secondary market did keep balance sheet loan growth down for some, even as origination volume soared. Bank-Fund Staff (DC) posted an almost two-fold growth in loan originations and is on pace to exceed its record loan originations set in 2003.
If you are looking for mid-year data to analyze your peer credit unions' trends, please call Callahan's Analytics Department at (800) 446-7453.