With credit union mergers becoming more frequent and executives focusing on keeping operating costs low, the number of branches for the industry has declined over the past year. Although most states saw a decline in the number of branches, a few states, particularly in the Midwest and Mid-Atlantic, saw branch growth.
At the end of 2012, 34 states had fewer branches than in 2011, with Maine seeing the largest percentage decline at 28.9%. Florida lost the largest number of branches, with the total declining 139 to 972 branches in the Sunshine State.
Despite the nationwide decline, North Dakota and South Dakota saw the fastest growth of branches, at 17.5% and 12.1% respectively. The growth in these states is due to booming economies from the discovery of oil in the upper Midwest. Virginia saw the largest absolute growth in number, adding 34 branches last year.
CHANGE IN BRANCHES BY STATE
DATA AS OF DECEMBER 31, 2012
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