The Ever Changing Credit Union Industry

Credit Unions are constantly changing and evolving in order to serve their members more effectively. Some credit unions have merged to increase visibility and membership offering. In 1999 there were 11,062 credit unions compared to the 10,710 present in June of 2000. Many larger California credit unions have converted to state charters to participate in a regulatory environment that is better oriented to changing market conditions than the federal system. In the past three years more than 150 credit unions converted from federal to state charters. The technology age is slowly penetrating the credit union community with an increase in Internet sites. In June of 1999 there were 2298 credit unions with internet sites compared to 3092 in June of 2000.

 
 

Credit Unions are constantly changing and evolving in order to serve their members more effectively. Some credit unions have merged to increase visibility and membership offering. In 1999 there were 11,062 credit unions compared to the 10,710 present in June of 2000. Many larger California credit unions have converted to state charters to participate in a regulatory environment that is better oriented to changing market conditions than the federal system. In the past three years more than 150 credit unions converted from federal to state charters. The technology age is slowly penetrating the credit union community with an increase in Internet sites. In June of 1999 there were 2298 credit unions with internet sites compared to 3092 in June of 2000.

A look at credit unions with at least $100 million in assets displays the significant changes that can occur within the course of a year. In 1999 Coastway Credit Union reported $54.7 million in total assets compared to $142.2 million in September of 2000. This is an $87.4 million asset change due to a merger. Another credit union that experienced substantial asset growth is Macdill, which went from $615.9 million in 1999 to $767.9 in 2000.

 

 

 

Jan. 8, 2001


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