Members By The Numbers (1Q18)

Credit union membership reached a new high, and first quarter growth was the highest it’s been in 15 years.

 
 

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Credit union membership reached 114.1 million in the first quarter of 2018. That’s nearly 4.7 million more members than this time last year. At 4.7%, first quarter member growth this year was the highest since 2003.

Membership growth continues to be strongest among credit unions more than $1 billion in assets. First quarter growth among that asset band was 9.1%.

Credit union membership reached a new high of 114.1 million, and the industry’s first quarter growth was the highest since 2003.

Credit unions spent an average of $86 in the first quarter on educational and promotional expenses per new member; however, spending varies across the country. The NCUA Central Region was the only region that reported above-average spending, $96, in marketing expenses per new member. Central credit unions have spent the most on average in the first quarter since 2015. Credit unions in the Mid-Atlantic Region spent $63 in educational and promotional projects per new member, the lowest among all NCUA regions.

 

 

Marketing expenses per new member varied by region, with Central credit unions spending the most, $93, per new member.

Credit union members held an average of $18,581 in savings and loan products with their credit union in the first quarter of 2018. This is up 2.8% from 2017. Credit unions in the Western Region reported the highest average member relationship — $21,113. It was Southeastern credit unions, however, that reported the strongest growth in average member relationships, which were up 3.2% year-over-year.

Credit unions in the Southeast had the lowest average member relationship; however, they reported the highest year-over-year growth, 3.2%.

As of first quarter 2018, members held, on average, 2.52 accounts with their credit union. Members of credit unions in the Mid-Atlantic held an average 2.74 accounts, making this region the only one to fall outside the range of 2.4 to 2.5 accounts per member.

Greater variability exists within asset levels, and there is a positive relationship between assets size and accounts per member. Credit unions with more than $1 billion in assets averaged 2.7 accounts per member, whereas credit unions with less than $100 million in assets averaged 2.2.

Larger credit unions averaged more accounts per member than smaller ones. Members at credit unions with more than $1 billion in assets held half-an-account more than members at credit unions with less than $100 million in assets.

How Do You Compare?

How does your member growth, marketing expense, and average member relationship compare to local and national peers? Peer-to-Peer can help. Request a complimentary audit today and a member of our team will walk you through the data.

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July 16, 2018


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