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.