This week CreditUnions.com profiles a rural credit union that got busy living, finds a San Diego-area credit union invigorating its closed field of membership, and takes a dive into the credit union industry’s share portfolio.
Here are four can’t-miss data points:
3,500
Sleepy Eye, MN, is a town of less than 3,500 people located in Brown County, approximately 100 miles southwest of the Twin Cities of Minneapolis and St. Paul. The population of both Sleepy Eye and Brown County has declined over the past several decades more than 12% for the county, according to the latest census data. This fact, coupled with the area’s low unemployment rate, makes it difficult for a financial institution to serve the area. Without new business, FIs, such as SouthPoint Financial Credit Union, have a tough time achieving meaningful scale; and without scale, long-term sustainability is called into question.
See how a strong operation helps SouthPoint Financial meet members where they are in Get Busy Living Or Get Busy Dying. ContentMiddleAd
12
Every year, East County Schools Federal Credit Union holds a strategic planning meeting not too far from its east San Diego-area headquarters. During the session, key stakeholders review the past year and plan for what’s coming in the year ahead. But the credit union’s planning meeting for 2018 was different — it was much larger in scope.
To see how this small San Diego credit union uncovered a novel way to catch the attention of non-members, read 12 Ways To Invigorate A Closed Field Of Membership.
$1.2 Trillion
Shares for U.S. credit unions neared $1.2 trillion at the end of the third quarter. Annual growth as of Sept. 30, 2017, exceeded 5.7%. Although this was positive, share growth was 1.9 percentage points slower than last year’s 8.6% rate.
Learn more about this side of the balance sheet in Shares By The Numbers.
20%-25%
The average consumer adds more than $1,000 to his or her credit card balance during the holidays, and settlement companies such as National Debt Relief see a 20%-25% increase in the number of consumers seeking help in the first few months following the new year. And it seems millennials are particularly prone to dive into debt over the holidays. According to a Magnify Money study, 24- to 35-year-olds are mostly likely to report going into debit, with a rate of 14.3%.
Learn why it’s all fun-and-games until the credit card bill comes due in 5 Ways Millennials Deal With Holiday Debt.
Happy Reading!